Both digital and print advertising revenue rose, for a combined total that was 3.4 percent higher than the same period in 2013.Higher compensation and benefits expenses? Higher retirement costs? Wonder what that will be like when the effect of Obamacare on health insurance premiums kicks in. Not to mention the minimum wage (old $8/hr kind not the $10/hr kind NYT favors for other businesses) that NYT just started paying academic interns.
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The company says it now has about 799,000 digital-only subscribers, an increase of 39,000 over the first quarter of 2013. Circulation revenues were up 2.1 percent. It expects circulation revenue “to increase in the low-single digits in the second quarter of 2014″ over the same period in 2013.
The company’s operating costs went up 3.8 percent, “mainly due to higher compensation and benefits expenses associated with the strategic growth initiatives as well as higher retirement costs,” the earnings report says.
*though adjusted operating costs (depreciation, amortization, etc.) were up only 3.2%