New York Times beats profit estimate as digital subscribers soar

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.

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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.

- Reuters