After reporting a smaller drop in August revenue compared to the previous two months, the New York Times Co. saw its shares increasing the most in almost 29 years on the New York Stock Exchange, Bloomberg reported.

According to a company statement distributed by Business Wire Thursday, NYT revenue from continuing operations declined 8.8 percent to US$199.4 million in August, while advertising revenue was down 14 percent to $110.6 million on a plunge in classifieds.

In order to cut costs to combat the decline in advertising, the publisher has eliminated jobs and intends to combine sections of its flagship title, Bloomberg reported.

NYT revenue was down 10.1 percent in July on a 16.2 percent drop in ad sales, while in June its revenue slipped 10 percent on a 16.4 percent ad decline.

NYT shares rose $1.61, or 12 percent, to $15.23 at 4 p.m. Thursday in composite trading, the biggest increase since January 1980. The shares have declined 13 percent this year, according to Bloomberg.