US newspaper groups Dow Jones and New York Times Company have both reported Q2 advertising revenue figures slightly ahead of Merrill Lynch analysts’ expectations.
NYT saw advertising revenues rise by 3.3% to $480 million during the quarter, $3 million better than analyst forecasts. However, whilst circulation revenues rose by 4.4% to $221 million, this was $10 million short of the broker’s expectation.
The group saw revenues rise by 4.6% in June, a notable improvement on the 0.7% decline of April and the 1.8% rise in May.
At Dow Jones – publisher of the Wall Street Journal – Q2 ad revenue figures were a shade higher than expectations. Advertising volumes at the WSJ dropped by 7.9% across the period, but there was a 1% gain in June, indicating a slow upward trend.
“It is a slow build, but it is a build,” said Merrill Lynch first vice president Lauren Fine.
