New York Times' profit falls as it makes strides in digital ads

New York

THE New York Times Co said its annual operating profit declined in 2014 because of investments in digital journalism and severance costs from a round of job reductions. Revenue was flat as growth in digital advertising and circulation offset declines in its print business.

Last year, the company posted an operating profit of US$92 million, down from US$156 million in 2013. During the fourth quarter of 2014, operating profit was US$62 million, compared with US$69 million during the final three months of 2013.