Magazine publisher Meredith posted a 15 percent surge in profits, largely due to a boost in its online business.
The publisher's net income in Q3 was $30.5 million, or 62 cents per share, compared with $26.5 million, or 52 cents, a year earlier, and revenue was up 1.4 percent to $395.4 million, paidContent reports. The publisher stated in its earnings release that online ad revenue was growing "at a rapid rate."
Meredith will debut a redesigned Better Homes and Gardens site, as well as a parenthood portal, next year, expanding Meredith's ad inventory. Publishing revenue was off 1.5 percent to $313.7 million, while operating profit was up 1.6 percent to $48.5 million. Declines in circulation offset the increase in advertising revenue.