New York Times swings to profit as digital subscriptions rise

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[May 03, 2017]  (Reuters) - The New York Times Co <NYT.N> swung to a quarterly profit from a loss a year earlier, as the newspaper publisher benefited from higher digital subscriptions that offset falling print sales.

 

Net income attributable to the company was $13.2 million or 8 cents per share in the first quarter of 2017, compared with a loss of $8.3 million or 5 cents per share, a year earlier.

"We added an astonishing 308,000 net digital news subscriptions, making Q1 the single best quarter for subscriber growth in our history," Chief Executive Mark Thompson said in a statement.

Revenue rose 5.1 percent to $398.8 million.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)

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