GCI New Gannett Co Inc

New York Times Co. said its first-quarter loss narrowed as the publishing company's revenue decline wasn't as bad as analysts had feared.

Like other newspaper publishers, New York Times has reduced its costs and is relying more heavily on circulation and digital subscriber growth as print advertising revenue has continued to weaken.

In the latest quarter, advertising revenue fell 6.8% to $139.7 million, including a 9% decrease in print advertising and a 1.3% decrease in digital advertising. The Times said digital advertising made up 29.9% of total advertising revenue, compared with 28.2% in the year-earlier quarter.

Circulation revenue grew 2.4% to $218 million, as the company's digital-subscription push and an increase in home-delivery prices again offset a decline in print copies sold.

Chief Executive Mark Thompson said in prepared remarks the company added 67,000 net digital-only subscriptions, the highest level in over three years, and an increase of 21% from the year earlier.

Mr. Thompson added that the latest quarter was more challenging for print and digital advertising but "we remain confident in our ability to grow our digital advertising revenue in the long term."

Over all, New York Times reported a loss of $8.3 million, or five cents a share, compared with a year-earlier loss of $14.3 million, or nine cents a share. The latest period included a $41.4 million loss from joint ventures related the announced closure of a Madison Paper Industries paper mill.

Excluding one-time items, adjusted per-share earnings from continuing operations fell to 10 cents from 11 cents. Revenue decreased 1.2% to $379.5 million.

Analysts polled by Thomson Reuters had expected a per-share profit of eight cents and revenue of $377 million.

The Times and other publishers, including Wall Street Journal-owner News Corp and Gannett Co., have eliminated certain positions through buyouts and layoffs while investing in growth areas such as digital operations and select overseas ventures.

The Times last week said it would cut about 70 jobs as part of an effort to streamline its international operations. Previously known as the International Herald Tribune, the international paper had long had its own staff and editing structure, but the Times began moving to streamline operations in recent years, rebranding it the International New York Times in 2013.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

May 03, 2016 09:45 ET (13:45 GMT)

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