Digital subscriptions continue to rise
The New York Times bested Wall Street expectations with its Thursday quarterly earnings, but the newspaper company saw advertising sales fall for the 13th straight quarter.
Revenue during the three-month period ending in December dropped 5.2 percent to $443.9 million. Net income fell to $38.6 million from $118 million in the year-ago period while earnings per share dropped to 24 cents per share from 76 cents per share in the year-ago period.
Analysts had projected revenue of $441 million and earnings per share of 16 cents per share.
The Times has not been immune to readers’ migration away from print and towards digital platforms. To that end, advertising sales at the company fell 6.3 percent to $212 million.
The Times paywall experiment continues to pay off, with the company adding 33,000 new digital subscribers. Digtial subscription revenue climbed 36 percent to $149 million. That helped offset a 3.9 percent drop in circulation revenue.