The New York Times Company (NYT) has reported third-quarter financial results that beat Wall Street estimates as its number of paid subscribers surpassed 11 million for the first time.
The media company known for its flagship newspaper said it added 260,000 paid digital subscribers in this year’s third quarter, pushing it to 11.09 million subscribers.
Of the company’s total number of subscribers, 10.47 million are digital only and do not include the print edition of The New York Times newspaper.
The Times has a stated goal of reaching 15 million subscribers by the end of 2027.
In terms of its financial results, The New York Times Co. reported earnings per share (EPS) of $0.45 U.S., which topped the consensus forecast of analysts that called for $0.41 U.S.
Revenue in the quarter totaled $640.2 million U.S., which was inline with Wall Street forecasts. Sales were up 7% from a year earlier.
The earnings report was partially overshadowed by news that the Times Tech Guild, which represents more than 600 of the New York Times Co.’s technology workers has gone on strike.
In its earnings release, The New York Times Co. said that more than five million of the 11 million subscriptions are now for multiple Times products or a bundle of all its products, which include specialty games and cooking subscriptions.
Digital subscription revenue rose 14.2% from a year earlier during the third quarter while digital advertising revenue increased 8.8% year-over-year in the period.
The Athletic, the sports news website that The Times acquired in 2022, made a quarterly profit for the first time since the purchase.
The Athletic’s operating profit for the third quarter was $2.6 million U.S. compared to a loss of $7.9 million U.S. a year ago.
The New York Times Co.’s stock has risen nearly 20% this year to trade at $56.83 U.S. per share.
