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New York Times reports third-quarter profit above forecasts as digital drives subscription, ad revenue

The New York Times Co. NYT, -0.52% on Wednesday reported net income of $32.3 million, or 20 cents per share for the third quarter, compared with income of $406,000, or break even in the same quarter a year ago. Adjusted earnings per share were 13 cents, above FactSet's consensus of 8 cents. Total revenue for the quarter was $385.6 million, up from $363.5 million a year ago, but below FactSet's revenue consensus of $390.0 million. The New York Times said overall subscription revenue for the quarter increased nearly 14% year over year, while advertising revenue dropped 9%. The news organization's digital properties were the main driver for the increase in subscription revenues. While print advertising revenue declined more than 20%, digital advertising revenue increased 11% and accounted for more than 43% of the total advertising revenue. Shares of the New York Times Co. are up nearly 44% in the year to date, while the S&P 500 index SPX, +0.09% is up 15% and the Dow Jones Industrial Average DJIA, +0.12% is up more than 18%.