The New York Times Co. today reported Q3 operating profit rose 30.2 percent to $41.4M on an 8.2 percent revenue boost to $417.4M.
CEO Mark Thompson noted the NYTC added a net 203K digital-only subscriptions to top the 3M mark for the quarter.
“We’re executing on our subscription-first strategy,” he said in a statement, adding that subscription sales accounted for almost two-thirds of the company’s revenues.
Digital advertising perked up 17 percent during the quarter, while overall ad sales rose seven percent. Print advertising revenues dipped 0.7 percent.
Thompson anticipates Q4 total subscription revenues (excluding the impact of an additional week in 2017) to rise in the mid-single digit range.
Digital-only revenues are expected to rise in the mid-teen level.
For the nine-month period, NYTC profit jumped 34.1 percent to $115.5M. Revenues advanced 4.6 percent to $1.2B.