New York Times Co. Increases Revenue, Books Healthy Third Quarter Profit
The New York Times Co. is suffering the same miserable print advertising losses as others in the industry — down 20% year-to-year for the third quarter.
But the Times, unlike the rest of the public news companies, still achieved revenue growth — 6% for the quarter — thanks to another surge in digital subscriptions and a strong period for digital advertising. Net digital subscription growth from the second quarter was 154,000 — 105,000 for the basic news product, the rest for crosswords and a new cooking vertical.
Digital advertising grew 11% year-to-year, but CEO Mark Thompson said that gains are uneven and the fourth quarter is more likely to be flat or down slightly.
As expected, the "Trump bump" effect that had the company adding 200,000-plus subscribers in quarters earlier in 2017 has cooled off. In his remarks to analysts, Thompson chose instead to tout the "sheer breadth" of Times coverage as an attraction to subscribers. "We're like a multi-ocean navy."