MEDIA

New York Times Sees Profit Drop Following Layoffs, Greater Spending On Digital

NEW YORK, NY - OCTOBER 01:  The New York Times building is seen on October 1, 2014 in New York City. The Times announced plan
NEW YORK, NY - OCTOBER 01: The New York Times building is seen on October 1, 2014 in New York City. The Times announced plans to cut approximately 100 jobs from the newsroom today, with the company announcing it will start with buy-out packages before moving to layoffs. (Photo by Andrew Burton/Getty Images)

Feb 3 (Reuters) - New York Times Co reported a 9.6 percent drop in quarterly net profit due to costs related to job cuts and increased spending on its digital offerings.

The company's net income attributable to shareholders from continuing operations fell to $35 million, or 22 cents per share, in the fourth quarter from $38.7 million, or 24 cents per share, a year earlier.

Operating costs rose 2.8 percent to $382.3 million. Revenue rose marginally to $444.7 million from $443.9 million. (Reporting by Abhirup Roy in Bengaluru; Editing by Ted Kerr)