NEW YORK: The New York Times Co beat Wall Street estimates for quarterly revenue on Thursday, as more people subscribed to its digital news products during the Covid-19 pandemic.
Shares of the publisher were up nearly 4% before the bell.
The company has been focusing on its subscription-based news, crossword and podcast products for years to cut its reliance on advertising revenue and offset a decline in print readership.
Advertising sales have been unpredictable as companies slashed ad budgets to cope with a sharp drop in business due to coronavirus-led lockdowns.
Revenue from subscription rose 12.6% to US$300.95 million in the third quarter, while ad revenue dropped 30.2% to US$79.25 million, the company said.
Total revenue fell 0.4% to US$426.9 million, but came in above analysts’ estimates of US$411.8 million, according to Ibes data from Refinitiv.