New York Times shares edge higher after posting mixed Q3 results

NEW YORK - The New York Times Company (NYSE:NYT) reported better-than-expected third-quarter earnings on Monday, as digital subscription growth and higher advertising revenues boosted results. Shares of the media company rose 0.25% in early trading.

The company posted adjusted earnings per share of $0.45, surpassing analyst estimates of $0.41. Revenue came in at $640.2 million, slightly below the consensus forecast of $641 million but up 7% YoY.

Digital-only subscription revenues jumped 14.2% to $322.2 million, driven by growth in bundle and multiproduct subscriptions. The company added 260,000 net digital-only subscribers in the quarter, bringing its total subscriber base to 11.09 million.

Digital advertising revenues increased 8.8% to $81.6 million, benefiting from higher programmatic and direct-sold display advertising. However, print advertising continued to decline, falling 12.6%.

"The third quarter was another strong one for The Times as we made further progress toward becoming the essential subscription for every curious person seeking to understand and engage with the world," said Meredith (NYSE:MDP ) Kopit Levien, president and CEO.

For the fourth quarter, the New York Times expects digital-only subscription revenues to increase 14-17% YoY and total subscription revenues to rise 7-9%. Digital advertising revenues are forecast to grow in the high-single to low-double digit range.

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Source: Investing.com