The company brought in $407 million in revenue for the quarter, which ended in late June, an increase of 9 percent over the same period in 2016.
âWe believe that more and more people are prepared to pay for high quality in-depth journalism that helps them make sense of the world,â Mark Thompson, the chief executive of The Times, said in a statement.
The buoyant financial results were announced at a time of fundamental change and deep anxiety in the newsroom as The Times restructures its news operations. Within weeks, The Times will eliminate its stand-alone copy desk as it streamlines its editing ranks, a decision that provoked a strong reaction among employees. Copy editors and reporters sent angry letters to newsroom leaders, and hundreds of Times employees staged a protest last month outside the companyâs headquarters in Manhattan.
A recent round of buyouts will lead to the departure of dozens of employees, even as new workers with different skills are hired, altering the character of the newsroom. And many journalists are preparing to move to different work areas amid an often disruptive construction project, as the company prepares to shrink its footprint at its offices and rent out additional floors.
The companyâs second-quarter earnings provided an encouraging counterpoint.
Operating profit increased to $28 million, from $9 million in the same quarter last year. Adjusted operating profit grew to $67 million, from $55 million. Net income was about $16 million, compared with a net loss of roughly $500,000 in the same period a year ago.
Total subscription revenue increased 14 percent, to $250 million.
Another notable bright spot: For the first time, digital-only subscription revenue ($83 million) exceeded print advertising revenue ($77 million).