New York Times Posts Higher 3Q Revenue

New York Times Co reported higher third-quarter revenue on Thursday after more readers paid for its flagship newspaper and its digital products.

Revenue rose almost 2 percent to $361.7 million but fell short of analysts' average forecast of $417.3 million, according to Thomson Reuters I/B/E/S.

The company sold The Boston Globe and its sister newspaper this month for $70 million and now publishes only its namesake paper. It took a charge of $34.3 million in the third quarter for writing down the value of the Globe.

Excluding the results of its New England newspaper properties, New York Times Co reported a quarterly loss of $5.2 million, or 3 cents per share, compared with a loss of $2.9 million, or 2 cents per share, in the year-ago period.