New York Times beats profit estimate as digital subscribers soar

REUTERS - 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 percent rise.

Digital advertising revenue rose 11 percent to $49.2 million, accounting for about 43 percent of its total advertising revenue.

The paper's print advertising revenue fell 20.1 percent to $64.4 million.

Net income attributable to the company rose to $32.3 million in the quarter ended Sept. 24 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, beating analysts' average estimate of 8 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 6.1 percent to $385.6 million. Analysts on average had expected $389 million.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar and Anil D'Silva)