New York Times reports higher revenue

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New York--The New York Times Co. reported Wednesday that advertising revenue for the company's newspaper group increased 1.8% last month compared with May 2002. Advertising revenue for The New York Times increased 2.4% in May from a year earlier. The increase, which was weaker than anticipated, was due to renewed strength in telecommunications, technology products and financial services. Through the first five months of the year, ad revenues at The New York Times increased 2.6% to $465.8 million. Nonetheless, the company reduced its guidance for 2003, anticipating that earnings growth will be in the “low-to midsingle digits” rather than the “midsingle digits to low double digits,” due in part to war-related costs and higher newsprint prices.
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