In what's becoming an all-too common theme among old-media companies, the New York Times reported a 5.7 percent drop in overall ad revenues and a 59 percent drop in operating profits.
The one bright spot: it's Web properties, including NYTimes.com, Boston.com, and About.com, saw a 23.4 percent rise in revenues. But it's $81 million in revenues only makes up 10 percent of the company's overall sales, and is still not enough to counter the decline in print. Still, operating profits at About.com alone ($8.5 million) represent 38 percent of the company's total operating profits. Web revenues don't have to rise tenfold before Web profits can offset the decline in print profits. But with online ad growth expected to slow at the Times, it could still be a while.