New York Times beats revenue estimates on higher digital subscriptions

[May 05, 2021]    (Reuters) - The New York Times Co reported better-than-expected quarterly revenue on Wednesday, as more people bought digital subscriptions for its news and entertainment products.

The New York Times building is seen in Manhattan, New York, U.S., August 3, 2020. REUTERS/Shannon Stapleton

The Times has been able to cushion the pandemic-related slump in its business, largely due to a decline in advertising dollars, by pulling in more subscription revenue for its news and cooking apps, games and podcasts.

Total revenue rose 6.6% to $473 million in the first quarter, above analysts' average estimate of $463.3 million, according to IBES data from Refinitiv.

Net income attributable to shareholders rose to $41.1 million, or 24 cents per share, from $32.9 million, or 20 cents per share, a year earlier.

(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)

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