The New York Times Co. (NYSE: NYT) reported Q2 EPS of $0.18, $0.17 better than the analyst estimate of $0.01. Revenue for the quarter came fell 7.5% to $403.8 million versus the consensus estimate of $386.92 million.

The Company ended the second quarter of 2020 with approximately 6,510,000 subscriptions across its print and digital products. Paid digital-only subscriptions totaled approximately 5,670,000, a net increase of 669,000 subscriptions compared with the end of the first quarter of 2020 and a net increase of 1,890,000 subscriptions compared with the end of the second quarter of 2019. Of the 669,000 total net additions, 493,000 came from the Company’s digital news product, while 176,000 came from the Company’s Cooking, Crossword and audio products.

Mark Thompson, president and chief executive officer, The New York Times Company, said, “The last full quarter of my stint as CEO of The Times was also one of the most significant. We posted our best ever results for new digital subscriptions, and for the first time in our history total digital revenue exceeded print revenue - a key milestone in the transformation of The New York Times and a testament to how much we\'ve achieved over the past eight years.

“In the second quarter, we added 493,000 net new subscriptions to our core news product and 176,000 additions to other digital products, for a total of 669,000 net new digital subscription additions. At the end of Q2, the Company had 5.7 million total digital-only subscriptions and 6.5 million total subscriptions, well on the way to that goal of 10 million subscriptions I set for the Company last year.

“We’ve proven that it’s possible to create a virtuous circle in which whole-hearted investment in high quality journalism drives deep audience engagement which in turn drives revenue growth and further investment capacity. This is why our newsroom is growing when so many others are being reduced. America and the world need access to great journalism now more than ever and I’m proud that, in these momentous and troubled times, our newsroom has the commitment, the talent and the resources to rise fully to the occasion.

“As I turn over the reins on September 8th to Meredith Kopit Levien, I do so with every confidence that The Times will continue to lead the way in showing that people will pay for accurate, trustworthy news, and that there is a sustainable future for deeply-reported, mission-driven journalism.”

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