NY Times beats profit forecasts

The New York Times warned yesterday that print newspaper advertising will continue to decline, sending shares down nearly nine per cent, even as the company slashed costs to reach a higher-than-expected fourth-quarter profit. Total fourth quarter revenue fell 11.5 per cent to $681.2m (£436m), compared with the average analyst estimate of $653.2m. Income from continuing operations was 48 cents a share, up from 19 cents a share last year and beating analysts’ forecasts of 38 cents a share.