(Reuters) – The New York Times Co (NYT.N) beat second-quarter revenue estimates on Wednesday as a jump in subscribers helped the company paper over a coronavirus-induced collapse in advertising spending.

The Times, which competes for ad dollars with big players like Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google, has been shifting towards a subscriber-backed model in an effort to cut its reliance on advertising.

It launched its digital-only subscriptions in 2011 and offers crosswords and podcasts including the popular “The Daily” in addition to its core news product.

The media company that gets more than half of its revenue from subscriptions said it added 669,000 digital subscribers in the quarter.

Subscription revenue rose 8.4% to $293.19 million, helping the company tide over a 43.9% drop in advertising revenue.

The company’s total revenue fell 7.5% to $403.75 million, above analysts’ estimates of $387.18 million, according to IBES data from Refinitiv.

Net income attributable to stockholders fell to $23.66 million, or 14 cents per share, in the quarter ended June 30 from $25.17 million, or 15 cents per share, a year earlier.

Reporting by Neha Malara in Bengaluru; Editing by Maju Samuel

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Analysis: The end of the road for Lou Dobbs

(CNN)Nothing unusual happened when Lou Dobbs hosted his Fox Business show on Thursday evening. His hour was full of Fox’s usual themes about “radical Dims” (Democrats) and Big Tech “abusing their power.” “Join us here tomorrow,” he said at the…

US retail sales up 17.7% in a partial rebound from plunge

BALTIMORE — U.S. retail sales jumped 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The Commerce Department’s report Tuesday showed that…

Oil climbs after sharp drop in U.S. crude stocks; OPEC committee meeting in focus

SEOUL (Reuters) – Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and…

Oil pushing higher as winter storm cripples US energy sector

International benchmark Brent briefly traded above $64 per barrel for the first time since January 2020, and was still up around one percent as of 10:42 GMT. US West Texas Intermediate (WTI) crude also reached its highest level since the…