New York Times Beats Profit And Revenue Estimates

By Ciara LinnaneMarketWatch Pulse

New York Times Co. said Thursday it had net income of $9.4 million, or 6 cents a share, in the third quarter, after a loss of $12.5 million, or 8 cents a share, in the year-earlier period. Adjusted per-share earnings came to 9 cents, ahead of the FactSet consensus of 6 cents. Revenue rose to $367 million from $365 million, also ahead of the FactSet consensus of $365 million. The company added 51,000 net digital subscribers in the quarter, bringing the total to 1.04 million. "This is the largest number of net subscribers we have added in a quarter since Q4 2012, evidence of our ability to continue to grow our digital subscriber count more than four years after the launch of our pay model and of the high demand for our digital journalism," Chief Executive Mark Thompson said in a statement. The company is now expecting circulation revenue to increase at the same pace in the fourth quarter and for ad revenue to rise in the mid-single digits. Shares were not yet active in premarket trade, but are down 1.4% in the year so far, while the S&P 500 has gained 1.5%.

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