Finance

New York Times beats revenue estimates on higher digital subscriptions By Reuters

© Reuters. FILE PHOTO: The New York Times building is seen in Manhattan, New York, U.S., August 3, 2020. REUTERS/Shannon Stapleton

(Reuters) – The New York Times Co reported better-than-expected quarterly revenue on Wednesday, as more people bought digital subscriptions for its news and entertainment products.

The Times has been able to cushion the pandemic-related slump in its business, largely due to a decline in advertising dollars, by pulling in more subscription revenue for its news and cooking apps, games and podcasts.

Total revenue rose 6.6% to $473 million in the first quarter, above analysts’ average estimate of $463.3 million, according to IBES data from Refinitiv.

Net income attributable to shareholders rose to $41.1 million, or 24 cents per share, from $32.9 million, or 20 cents per share, a year earlier.

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