New York Times Swings to Profit as Digital Subscriptions Rise
The New York Times Co swung to a quarterly profit from a loss a year earlier, as the newspaper publisher benefited from higher digital subscriptions that offset falling print sales.
A taxi passes by in front of The New York Times head office in New York on February 7, 2013. (Photo: Reuters)
New York: The New York Times Co swung to a quarterly profit from a loss a year earlier, as the newspaper publisher benefited from higher digital subscriptions that offset falling print sales.
Net income attributable to the company was $13.2 million or 8 cents per share in the first quarter of 2017, compared with a loss of $8.3 million or 5 cents per share, a year earlier.
"We added an astonishing 308,000 net digital news subscriptions, making Q1 the single best quarter for subscriber growth in our history," Chief Executive Mark Thompson said in a statement.
Revenue rose 5.1 percent to $398.8 million.
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