The New York Times Co. (NYT) Tops Q3 EPS by 2c, Revenues Fall 1%
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The New York Times Co. (NYSE: NYT) reported Q3 EPS of $0.06, $0.02 better than the analyst estimate of $0.04. Revenue for the quarter fell 1% to $363.5 million versus the consensus estimate of $365 million.
“This quarter proved yet again that The New York Times has a very compelling digital revenue story to tell,” said Mark Thompson, president and chief executive officer, The New York Times Company. “We saw exceptional gains in our digital consumer business, with a net increase of 116,000 subscriptions to our news products, more than twice as many as the same quarter last year and far more than any quarter since the pay model launched in 2011.
“The gains are due in part to the extraordinary work of our newsroom during an incredible news cycle, which has led to record audiences for Times journalism and deep levels of engagement, as well as optimization of our marketing activity and our investment in international.
“We had a strong quarter in digital advertising as well, returning to growth in the quarter, 21 percent year-over-year. We saw solid performances in virtual reality, video, branded content and programmatic advertising.
“The quarter was also marked by real pressure on print advertising both for us and for the rest of the industry. We expect print advertising to remain challenged in the fourth quarter and while we will continue innovating and investing where we think it makes sense, we will remain focused on our cost structure and on rapidly growing our digital business.”
For earnings history and earnings-related data on The New York Times Co. (NYT) click here.
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