HispanicBusiness

The New York Times company reported a sharp drop in profits and revenue Thursday as advertising fell and the growth in online subscriptions slacked off.

The newspaper company said it earned 3.1 million dollars in net income, compared to 42.1 million a year earlier, while revenue declined 2 per cent to 465.9 million dollars.

Despite the disappointing financial results the company is on the right track to building a sustainable digital business, chief executive Mark Thompson said.

"Our first-quarter results reflect our continued strides in reshaping The New York Times Company," Thompson said in a statement.

"We will be rolling out other strategic initiatives designed to further leverage The Times brand and newsroom to create new products and services for a wider range of customers, domestically and around the globe."

Among the plans for the company's growth are more varied subscription plans, and involvement in games, e-commerce and conferences.

"We want to deepen our relationship with our existing loyal customers, but we also want to use a wider family of New York Times products to reach new customers both here and around the world," said Thompson. "The initiatives we are announcing today should be seen as a significant first step in our effort to put The New York Times Company on a path to sustainable growth."