NY Times reports higher profits and revenue, plus adding about 310,000 digital subscribers
The New York Times Company reported higher profit and revenue in the first quarter, as it continued to grow both its digital subscriber base and its advertising business, reports The Wall Street Journal.
According to the WSJ report: “The news-and-media company posted a profit of $87.9 million, or 54 cents a share, up from $49.6 million, or 30 cents a share, a year earlier.
“Stripping out certain one-time items, earnings were 61 cents a share, Analysts surveyed by FactSet expected adjusted earnings of 47 cents a share.
“Revenue climbed 12% to $712.2 million, topping Wall Street models for $699.9 million.
“Total subscription revenue was up 11% to $516.9 million, as higher revenue from digital-only products offset lower domestic home-delivery and single-copy revenue.
“Total advertising revenue jumped 17% to $126.8 million, which the company attributed primarily to strong marketer demand and growth in advertising supply.”
The company said it added about 310,000 net digital-only subscribers sequentially, bringing its total number of digital-only subscribers to about 12.5 million. The company ended the quarter with roughly 13.1 million total subscribers.
