The New York Times Co. (NYT) Tops Q3 EPS by 4c, Revenues Beat

The New York Times Co. (NYSE: NYT) reported Q3 EPS of $0.15, $0.04 better than the analyst estimate of $0.11. Revenue for the quarter came in at $417.35 million versus the consensus estimate of $408.54 million.

Mark Thompson, president and chief executive officer, The New York Times Company, said, “This was a strong third quarter for the Company. We added 203,000 total net new digital-only subscriptions in the quarter and grew total revenue by 8 percent against the same quarter in 2017. We also passed two significant milestones, and now have more than 3 million digital-only subscriptions and more than 4 million total subscriptions.

“We’re executing on our subscription-first strategy; this quarter, subscription revenues accounted for nearly two-thirds of the Company’s revenues. We’re investing aggressively in our journalism, product and marketing and are seeing tangible results in our digital growth.

“Turning to advertising, as expected, we are seeing a much stronger second half of the year. We had an exceptional third quarter with digital advertising up 17 percent and growth of 7 percent in total advertising.”

For earnings history and earnings-related data on The New York Times Co. (NYT) click here.

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