The New York Times beat Wall Street’s earnings expectations by two pennies for the third fiscal quarter of 2016. The Manhattan-based paper of record just missed on media analysts’ revenue forecasts, however, reporting $363.5 million versus an estimated $365 million.
Circulation revenues increased 3.0 percent, while advertising revenues declined 7.7 percent and other revenues increased 1.0 percent. More specifically, Q3 print advertising revenue decreased 18.5 percent while digital ad sales increased 21.4 percent. Unfortunately for NYT, digital represents only a hair over one-third of the company’s overall ad sales.
“This quarter proved yet again that The New York Times has a very compelling digital revenue story to tell,” CEO Mark Thompson stated Wednesday morning in a media release.