New York Times Shares Fall After Reporting Jump in Spending

New York Times Co. shares fell by the most in nearly six years after the company reported strong fourth-quarter results that also raised concerns on Wall Street about a jump in spending.

The newspaper publisher reported earnings of 89 cents a share on Wednesday, excluding some items, topping Wall Street estimates of 88 cents a share. Revenue totaled $802.3 million compared with expectations of $791.6 million.