The New York Times Company (NYSE: NYT) released its first-quarter financial results on Thursday, with both earnings and revenue surpassed estimates.
The company reported total revenue for the first quarter to be $413.95 million, which increased 3.8% from $398.80 for the same period last year, beating analysts’ estimates of $408.07 million. According to the company, subscription revenues rose 7.5% for the first quarter, while advertising revenues dropped 3.4% and other revenues were up 5.0%.
Net income for the first quarter rose from $13.18 million, or $0.08 per share, for the same period last year, to $21.91 million, or $0.13 per share. Adjusted earnings per share for the quarter increased from $0.10 per share for the same period last year to $0.17 per share. The results beat analysts’ estimates of $0.15 per share.
“In the first quarter, we saw increases in revenue and overall profitability and continued solid growth in our digital subscription business. The strong demand for the high quality, independent journalism that The Times produces resulted in a 139,000 net increase in digital-only subscriptions for the quarter,” Mark Thompson, the president and chief executive officer of the company, said in the statement on Thursday.
“We’re seeing good retention of new cohorts of subscribers and continue to believe there is a big opportunity to further grow this increasingly important part of our business,” Mark continued.