The New York Times Co. reported today that Q2 net income surged 51.7 percent to $23.6M, driven by a robust growth in its digital subscription business.
It gained 109K digital-only subscribers during the period, which brings the number of digital-only customers to 2.9M of the NYTC’s 3.8M total subscriptions.
CEO Mark Thompson noted that NYTC has retained a large number of subscribers who signed up during heady days of the “Trump Bump” 2016 election and post-election periods.
Subscription revenues account for nearly two-thirds of the NYTC’s $414.6M Q2 revenues.
On the advertising front, revenues declined 9.9 percent to $119.M.Print ads dropped 11.5 percent to $68.2M, while digital dipped 7.5 percent to $51M.
Thompson expects a “return to strong year-to-year growth for third-quarter.”