CORRECTED: 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 154,000 paid only subscribers to various websites, including the New York Times website, in the third quarter.
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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