New York Times beats profit estimate as digital subscribers soar
Digital advertising revenue up 11% while it added 2.5m subscribers in the third quarter
The company added about 2.5 million subscribers to various websites, including the New York Times website, in the third quarter
The New York Times Co reported a better-than-expected quarterly profit, as it signed up more advertisers and subscribers for its digital publications, helping offset a slide in print sales.
The company added about 2.5 million subscribers to various websites, including the New York Times website, in the third quarter, representing a 59.1 per cent rise.
Digital advertising revenue rose 11 per cent to $49.2 million, accounting for about 43 per cent of its total advertising revenue.
The paper’s print advertising revenue fell 20.1 per cent to $64.4 million.
Net income attributable to the company rose to $32.3 million in the quarter ended September 24th from $406,000 a year earlier. On a per-share basis it earned 20 cents per share compared with break-even last year. Excluding items, earnings were 13 cents per share from continuing operations.
Revenue rose 6.1 per cent to $385.6 million. Analysts on average had expected $389 million.