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New York Times beats quarterly revenue estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The New York Times building can be seen in Manhattan, New York (USA), August 3, 2020. REUTERS/Shannon Stapleton

(Reuters) – The fourth quarter revenue estimate for The New York Times Co was exceeded on Wednesday by an influx digital subscribers who consume news about the holidays and Omicron variant.

By successfully switching to a subscription-first model, the newspaper that was founded in 170-years-old has been a shining example for other industry leaders. This has helped offset steep drops in print and advertising readership.

As people read more about the Afghanistan crisis, the ongoing pandemic, and then turned to their rich digital library for games and recipes, its digital subscriber base increased by more than one million.

The Times gained 375,000 new digital subscribers during the first three months in 2021.

The Gray Lady was able to get close to 10 million subscribers in 2025. This goal is possible thanks to the acquisitions of Wordle daily puzzle and The Athletic, which cost $550million.

According to data from Refinitiv, total revenue increased 16.7% to $594.2million in the third quarter. This compares to the $578.9 average analyst estimate.

Common stockholders saw their net income rise to $69.889 (41 cents per shares) from $10,009 (6 cents per shared) a year before.

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