Tags: New York Times | earnings | online | ads

New York Times Beats Earnings Estimates as Online Ads Increase

Thursday, 30 October 2014 09:06 AM

New York Times Co. beat third-quarter profit estimates as digital advertising rose 17 percent, helping soften the impact of the print business’s decline.

The newspaper added 44,000 online subscribers, and combined online and print ad revenue was little changed at $137.9 million, the New York-based company said in a statement. Earnings, excluding some items, were 3 cents a share, compared with the break-even quarter projected by analysts, according to the average of estimates compiled by Bloomberg.

The Times is working to transform itself into a digital newsroom with specialized stories and online subscription packages. The newspaper publisher has struggled, along with most news organizations, to find its footing in digital media, where ad rates are far cheaper than in print. Earlier this month, the company announced plans to cut 100 newsroom employees.

Total third-quarter revenue rose less than 1 percent to $364.7 million, compared with the average estimate of $366 million. Circulation sales rose 1.3 percent to $206.7 million as digital subscribers increased while print readers dropped. Print advertising declined 5.3 percent.

In the fourth quarter, circulation revenue will increase at a similar rate from the prior quarter, while advertising will decline at a mid-single-digit rate.

In May, Jill Abramson, the first female executive editor of the Times, was fired following disputes with Chairman Arthur Sulzberger. She was replaced by Dean Baquet.

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New York Times beat third-quarter profit estimates as digital advertising rose 17 percent, helping soften the impact of the print business's decline.
New York Times, earnings, online, ads
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2014-06-30
Thursday, 30 October 2014 09:06 AM
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