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New York Times Q3 Digital-only Subscription Revenue Up 14.5% - Quick Facts

The New York Times Company (NYT) said the third-quarter of 2019 was its best ever third quarter for new digital news subscriptions, the fourth best quarter in the history of its pay model. The company now has more than three million subscriptions to it digital news product, more than four million total digital subscriptions, and 4.9 million total subscriptions.

For the third-quarter, adjusted earnings per share from continuing operations was $0.12 compared to $0.15, a year ago. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating profit decreased to $44.1 million from $53.7 million in the prior year, as higher costs and lower advertising revenues more than offset higher digital-only subscription revenues and other revenues.

Third-quarter total revenues increased 2.7 percent to $428.5 million from $417.3 million, a year ago. Analysts expected revenue of $429.14 million for the quarter. Subscription revenues increased 3.7 percent, advertising revenues decreased 6.7 percent and other revenues increased 25.9 percent. Revenue from the digital-only subscription products increased 14.5 percent, to $115.9 million.

Paid digital-only subscriptions totaled approximately 4,053,000 at the end of the third quarter of 2019, a net increase of 273,000 subscriptions compared with the end of the second quarter of 2019. Of the 273,000 additions, 209,000 came from the company's digital news product.

For the fourth quarter of 2019, the company expects total subscription revenues to increase in the low- to mid-single digits compared with the fourth quarter of 2018, with digital-only subscription revenue expected to increase in the mid-teens.

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