New York Times Company (NYT) has reported 28.15 percent fall in profit for the quarter ended Dec. 25, 2016. The company has earned $37.14 million, or $0.23 a share in the quarter, compared with $51.69 million, or $0.31 a share for the same period last year. On an adjusted basis, earnings per share were at $0.30 for the quarter compared with $0.37 in the same period last year.

Revenue during the quarter went down marginally by 1.13 percent to $439.65 million from $444.69 million in the previous year period. Gross margin for the quarter contracted 143 basis points over the previous year period to 63.40 percent. Total expenses were 87.36 percent of quarterly revenues, up from 80.29 percent for the same period last year. That has resulted in a contraction of 708 basis points in operating margin to 12.64 percent.

Operating income for the quarter was $55.56 million, compared with $87.66 million in the previous year period.

However, the adjusted operating income for the quarter stood at $95.67 million compared to $117.74 million in the prior year period. At the same time, adjusted operating margin contracted 472 basis points in the quarter to 21.76 percent from 26.48 percent in the last year period.

"The continued excellence of our journalism and our consumer-first focus led to incredible strength in our circulation business, both in the fourth quarter and for the full year," said Mark Thompson, president and chief executive officer, The New York Times Company. "As of today, we have passed the 3 million paid subscription mark print and digital, a significant milestone.