New York Times post second quarter profits

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The New York Times Co have turned an unexpected second quarter profit of $39.1m (£23.6m).

The 85 per cent rise in profits from a year ago came in spite of a 30 per cent decrease in advertising revenues compared to 2008’s second quarter – with digital ad revenue down 22 per cent.

The profit can in part be attributed to a one-time tax adjustment of nearly $40m and dogged cost cutting, the Huffington Post reports there has been a 19 per cent reduction in staff from this time last year.

An increase in May of the New York Times cover price also helped to boost circulation revenue by 1.5 per cent.

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