New York Times Loss Narrows As Revenue Tops Estimates

New York Times Co. said Tuesday it had a net loss of $8.27 million, or 5 cents a share, in the first quarter, after a loss of $14.3 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 10 cents, ahead of the FactSet consensus of 8 cents. Revenue fell 1.2% to $379.5 million from $384.2 million. The FactSet consensus was for revenue of $378 million. The newspaper company said it added 67,000 net digital-only subscribers to its new products, the most for a quarter in more than three years. "We have continued to prioritize deepening the level of engagement of our readers with Times content and this effort, along with the application of new consumer marketing tactics, has led to an increase in new subscribers and improved retention of existing ones," Chief Executive Mark Thompson said in a statement. Shares were not yet active in premarket trade, but are down 4% in the year so far, while the S&P 500 has gained about 2%.