New York Times digital subscriber growth slows, shares drop 


The New York Times reported a better-than-expected quarterly profit but the company added fewer paid digital subscribers, sending its shares down about 5 percent.

The company added 109,000 paid digital subscribers in the second quarter, compared with 114,000 a year earlier, when it offered heavy discounts for annual subscriptions.

Digital advertising revenue, which accounts for more than a third of the company’s total advertising revenue, fell 7.5 percent to $51 million, hurt by a fall in display advertising.

“This was a subdued quarter for digital advertising as we predicted, but we remain confident that we will return to strong year-over-year growth in the third quarter,” Chief Executive Officer Mark Thompson said in a statement.

Net income attributable jumped 51 percent to $23.6 million, or 14 cents per share, in the quarter.

Excluding items, the company earned 17 cents per share, above the average analyst estimate of 15 cents, according to Thomson Reuters.

Revenue rose to $414.6 million from $407.1 million, above estimates of $412.3 million.

Source link

Products You May Like

Articles You May Like

Your Netflix habit costs even more than you think
CNBC’s coverage of Barack Obama’s inauguration
Unequal pay and fewer female advisors
Economy could see sub-2% growth but that could be good
‘I’m not endorsing’ Fiat Chrysler’s stock

Leave a Reply

Your email address will not be published. Required fields are marked *