NYT Profits Down 85 Percent

The New York Times Company, embattled in labor strife and controversy surrounding its new CEO, Mark Thompson, reported disappointing earnings this morning. Analysts expected profits of 8 cents a share, but profits came in at 2 cents a share, some $2.28 million, while revenue came down slightly to $449 million. Digital subscriptions rose 11 percent from last quarter to 592,000, bringing revenue from circulation (as opposed to advertising) up 7.4 percent, some $234 million.