The New York Times Company (NYSE:NYT) shares added more than 8% after the publisher of The New York Times newspaper revealed that it added 210,000 digital-only subscribers in the third quarter, bringing its total subscriber count to more than 10 million.
The mass media company said higher digital subscribers and average revenue per user drove a 15.7% year-over-year growth in subscription revenues from digital products to $282.2 million.
Advertising revenues also rose 6% over the year-ago quarter to $117.1 million, driven by a 6.7% increase in digital advertising revenues to $75 million.
Its adjusted earnings per share rose from $0.28 in the 3Q 2022 to $0.32, ahead of Wall Street estimates of $0.29.
Revenue of $598.3 million, up 9% year-over-year, also beat estimates of $589.9 million.
“We are pleased with our third quarter results, which underscore the strength of our strategy to become the essential subscription for every curious, English-speaking person seeking to understand and engage with the world,” The New York Times Company (NYSE:NYT) CEO Meredith Levien said in a statement.
“Our multi-product bundle which combines a world-class news destination with market-leading products in games, cooking, sports, and shopping advice, continues to perform well. We expect the bundle to enhance our resiliency, and further us down the path to building a larger, more profitable company.”
The New York Times Company (NYSE:NYT) shares gained 8.4% at US$45.11 mid-morning on Wednesday.
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