Nov 4 Reuters New York Times posted fewerthanexpected digital subscribers for the third quarter as readers cut back on spending in an uncertain economy, offsetting strong growth in advertising sales.
The company added 260,000 digitalonly subscribers, compared with 300,000 additions in the previous quarter. Analysts expected the company to add 280,200 subscribers, according to Visible Alpha.
Heightened political advertising in the lead up to the 2024 U.S. presidential election helped the company39;s ad revenue of 118.4 million beat analysts39; estimates of 116.93 million, according to data compiled by LSEG.
It reported total revenue of 640.2 million, compared with estimates of 640.8 million.
New York Times forecast subscription revenues to grow by 7 to 9 in the fourth quarter, slightly below expectations for 8.2 growth.
Revenue from sports news site The Athletic, purchased by New York Times in 2022, jumped 29.8 to 44.7 million from 34.4 million a year ago.
Reporting by Harshita Mary Varghese in Bengaluru; Editing by Devika Syamnath
Source Reuters