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New York Times Profit Falls 12%; Print, Digital Revenues Still Falling

 Earnings per share dropped by roughly two-thirds, from $0.76 to $0.24. Total revenues were down 5.2% and advertising revenues were down 6.3%, with print advertising revenues falling by 7.0% and digital by 4.3% over 2013. The company added digital subscribers, up 19% in the fourth quarter of 2013 compared to same period in 2012, but its circulation revenues were down, too.

The Times' results will surprise analysts who had predicted healthy results for the last three months of 2013. Analysts have tended to focus on the increase in digital subscriptions to the New York Times, which has been a focus for new CEO Mark Thompson, formerly of the BBC.

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