New York Times Profit Tops Estimates on Web Subscriber Gains
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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.