New York Times Profit Tops Estimates on Web Subscriber Gains |
| BusinessWeek - Oct 20, 2011 |
New York Times Co. reported a third- quarter profit that topped analysts’ estimates as the publisher of 18 daily newspapers cut costs and began to make strides in its transition to a Web-based subscription model.
Earnings per share, excluding some items, fell to 5 cents, the New York-based company said in a statement today. That compared with the average estimate of 3 cents from analysts in a Bloomberg survey. Digital subscriptions to the flagship New York Times rose about 15 percent, pushing companywide circulation revenue up 3.4 percent as sales of print copies declined.
Times Co. introduced a paid online subscription model for the New York Times in March and started a similar program at the Boston Globe this week. Chief Executive Officer Janet Robinson told analysts today that “significant progress” is being made with the digital products, and also that the fourth quarter is showing early signs of improvement for advertising. Times Co. shares had tumbled to a two-year low in September, when Robinson said the economy had put advertising “under pressure.”
Read Full Article from BusinessWeek
- Posted: 2011-10-20 14:28:28
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