New York Times misses earnings targets but digital subs grow — paidContent
Revenue at the New York Times Company fell once again in the third quarter due to ongoing advertising declines in both print and digital as the company posted earnings of 2 cents a share, 6 cents below what analysts had predicted. Operating profit for the quarter was $8.5 million compared to $21 million from a year ago.
Overall advertising revenue declined 8.9 percent but the company did see a bright spot in the form of a 7.4 percent increase in circulation revenues. Digital subscriptions to the New York Times and the International Herald Tribune were up 11 percent since the last quarter to a total of 566,000. The Boston Globe added 3000 new digital subscribers for a total of 26,000 at the end of the last quarter.
