The New York Times Company reported third quarter revenues of $385.6 million, a 6% increase from a year ago. Growth from digital subscriptions was the primary source of revenue increasing at The Times. Net income for the quarter was $36.0 million.
Mark Thompson, president and chief executive officer of The New York Times Company, said, “We had a strong quarter once again, with solid growth in digital subscriptions, digital advertising and subscription revenue and overall profitability.
“Total revenue for the Company grew by 6 percent in the quarter and we added 154,000 net digital-only subscriptions, a 14 percent increase in the number of net subscription additions compared with the same quarter last year, driven by strong growth across our products. Of note, our digital news product added 105,000 subscriptions and Cooking, which launched as a paid digital product early in the quarter, added 23,000 subscriptions.
“These results reflect the ongoing strength of our digital strategy and continued demand for quality, in-depth journalism.”
The company saw advertising revenues drop 9% from a year ago to $113.6 million while subscription revenues increased 13.6% to $246.6 million. Print advertising continues to plummet at the Gray Lady as more readers go online while digital ads are increasing.
The decrease in print advertising revenues at The NY Times came from a decline in display advertising, primarily in the luxury, travel, real estate, media, technology and telecommunications categories. The increase in digital advertising revenues primarily reflected increases in revenue from smartphone, programmatic and branded content, partially offset by a continued decrease in traditional website display advertising.
Paid digital-only subscriptions totaled approximately 2,487,000 at the end of the third quarter of 2017, a net increase of 154,000 subscriptions compared with the end of the second quarter of 2017 and a 59.1 percent increase compared with the end of the third quarter of 2016. Of the 154,000 additions, 105,000 came from the Company’s digital news products, while the remainder came from the Company’s other digital products.