February 2, 2017 / 1:47 PM / 3 years ago

New York Times revenue, profit beat estimates

(Reuters) - The New York Times Co (NYT.N) reported better-than-expected quarterly revenue and profit, helped by higher digital subscriptions.

A woman exits the New York Times Building in New York August 14, 2013. REUTERS/Brendan McDermid

The magazine and newspaper publisher’s shares were up 1.8 percent in premarket trading.

The company said in November that it had an increase of 41,000 paid subscriptions for both print and digital in the seven-day period since the U.S. election day.

“In Q4, we added 276,000 net new digital news subscriptions, the single best quarter since 2011, the year the pay model (was) launched,” Chief Executive Mark Thompson said in a statement on Thursday.

Digital advertising revenue, which accounts for 41.9 pct of the New York Times’ revenue, rose 10.9 percent to $77.6 million in the quarter.

Circulation revenue from the company’s digital-only subscriptions rose 21.9 percent to $63.7 million.

The New York Times said in April that it would shut some of its Paris operations, while in November the Wall Street Journal started laying off employees and reducing the number of sections in the newspaper..

Net income attributable to the New York Times fell 28.1 percent to $37.1 million, or 24 cents per share, in the quarter.

On an adjusted basis, the company earned 30 cents per share from continuing operations, beating the average analyst estimate of 24 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 1.1 percent to $439.7 million but beat analysts’ average expectations of $437.8 million.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel

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