New York Times profit beats estimates on digital growth

Newspaper publisher New York Times reported a bigger-than-expected quarterly adjusted profit, as a 17 per cent rise in digital subscription sales offset a decline in print advertising revenue.

The company’s net loss attributable to common stockholders narrowed to $12.5 million in the third quarter from $24.2 million a year earlier.

Adjusted earnings from continuing operations rose to 3 cents per share from 1 cent per share. Analysts on average were expecting the company to breakeven on a per share basis, according to Thomson Reuters I/B/E/S.

Total revenue rose 0.8 per cent to $364.7 million.

Reuters