The New York Times Co. beat analysts’ revenue estimates despite another quarter of plunging advertising.
A spike in digital subscriptions helped
Revenue from digital-only products increased 29.6 percent, to $146 million, from the second quarter of 2019. Print subscription revenues decreased 6.7 percent to $147.2 million, largely due to lower retail newsstand revenue. Like other media companies, The Times has been trying to become less reliant on advertising and focus more on driving revenues from subscriptions. It recently quit Apple News, stating that the service failed to boost readership numbers and pointing out that Apple does not give partners enough information about user data.The need to find alternative sources of revenue was underscored by the second-quarter results, with advertising revenues decreasing 43.9 percent over the three months.
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