The New York Times Beats Second-quarter Profit Expectations

The New York Times reported net income of $16.4 million, or 10 cents per share, above $9.2 million, or 6 cents per share, in the year-earlier period. The company reported adjusted earnings per share of 13 cents, above the FactSet consensus of 11 cents. Sales were $382.9 million, below $388.7 million in the year-earlier period and below the FactSet consensus of $383.6 million. The New York Times said it added 33,000 net digital subscribers in the quarter, meaning it had 990,000 paid digital-only subscribers by the end of the second quarter and 1.1 million print and digital subscribers. "The number of digital subscriber additions in the second quarter was higher than in the same quarter in either 2014 or 2013, despite the impact of our decision to switch NYT Now from a subscription to a free product," said chief executive Mark Thompson.