New York Times Co (NYSE: NYT) announced its financial results for the third quarter on Wednesday. Despite a decreased in print sales, the growth in digital advertising and more online subscriptions helped boost its earnings.
For the third quarter of 2017, the company reported net income of $32.3 million, increasing from $406,000 from the same period last year. Excluding certain items, earnings from continuing operations was $0.13 per share, beating estimates of $0.08 per share.
Revenue for the third quarter was up 6.1% to $385.6 million, missing analysts’ estimates of $389 million. Revenue of digital advertising increased11% to $49.2 million, and revenue of paper’s print advertising dropped 20.1% to $64.4 million.
“We had a strong quarter once again, with solid growth in digital subscriptions, digital advertising and subscription revenue and overall profitability,” Mark Thompson, the president and chief executive officer of the company, said in the statement on Wednesday.
“These results reflect the ongoing strength of our digital strategy and continued demand for quality, in-depth journalism,” he said.
In addition, in the third quarter, the company also added around 154,000 paid only subscribers to various websites.
“Of note, our digital news product added 105,000 subscriptions and Cooking, which launched as a paid digital product early in the quarter, added 23,000 subscriptions,” Mark said in the statement.