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New York Times posts higher revenue, lower earnings

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New York—A 30% surge in online revenue helped push the New York Times Co.’s third-quarter revenue up 2.2% to $791 million. But the increase was not enough to stop the bleeding on the print side, as net income plummeted 52% to $23.1 million, or 16 cents a share, compared with $48 million, or 33 cents a share, in last year’s third quarter.

Revenue generated by About.com jumped 67% compared with a year earlier. Excluding the addition of About.com, which the Times acquired from Primedia six months ago, revenue rose just 0.4%.

In early morning trading on the New York Stock Exchange, Times’ shares fell 21 cents to $27.54, below its 52-week low.

—Matthew Schwartz

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