NEW YORK TIMES-RESULTS/ (UPDATE 1):UPDATE 1-New York Times profit beats estimates as digital subscriptions surge
Sayanti ChakrabortyBengaluru — The New York Times reported better than expected quarterly profits and revenue on Wednesday as it signed up more digital subscribers, sending its shares up 3% before the bell.
“Subscription revenues made up two-thirds of the company’s revenues and for the first time, digital-only subscription revenue was more than a quarter of total company revenue,” CEO Mark Thompson said. The company’s digital advertising revenue rose 9% in the quarter. Print advertising revenue fell 12%, as readers continue to shift to online sources for their daily dose of news.
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