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The
publication's digital subscriptions have consistently risen in
recent years as it pumps its digital products with a rich lineup
of news, podcasts, crosswords and cooking recipes, seasoned with
crisp images and videos.
"Our work, which was consumed at historic levels, led to a year
of strong business results, including a record 2.3 million net
new digital-only subscription additions," said Meredith Kopit
Levien, chief executive officer of the New York Times.
The media company, which gets nearly two-thirds of its revenue
from subscriptions, had 7.5 million subscriptions across its
digital and print products at the end of the quarter.
However, advertising revenue fell 18.7% to $139.27 million
during the quarter, as print ad revenues plummeted, largely due
to the pandemic.
The company's total revenue rose marginally to $509.36 million
in the fourth quarter from a year ago, above analysts' estimates
of $498.3 million, according to IBES data from Refinitiv.
Net income attributable fell to $10.01 million, or 6 cents per
share, from $68.21 million, or 41 cents per share, a year
earlier.
Excluding items, the company earned 40 cents per share, beating
estimates of 35 cents.
(Reporting by Eva Mathews and Subrat Patnaik in Bengaluru;
Editing by Maju Samuel)
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