The New York Times Co. today reported first-quarter operating profit rose 22.4 percent to $34.1M on a 3.8 percent jump in revenues to $413.9M. Net income soared 66.2 percent to $21.9M.
Subscription revenues advanced 7.5 percent to $260.6M, offsetting the 3.4 percent dip in ad sales to $125.7M.
CEO Mark Thompson noted that the Times added 139K digital-only subscribers during the period, up 25.5 percent from the year-ago period.
Subscriptions to the NYT’s news products accounted for 99K of the new customers, while cooking and crossword sites accounted for the rest.
Thompson said digital advertising slipped six percent during the quarter compared with the last year’s strong performance that was driven by the fall-out from the post-election and Trump inauguration.