New York Times beats quarterly revenue estimates

[August 04, 2021]  (Reuters) -The New York Times Co reported better-than-expected quarterly revenue on Wednesday, driven by strong advertising demand and a rise in digital subscriptions.

The Times has grown its digital business in recent years by offering a rich library of content that ranges from news and podcasts to crosswords and cooking recipes.

But the company's subscriber growth has cooled this year as the news cycle slows after an action-packed 2020, while easing of COVID-19 curbs has prompted people to step out and spend less time on its entertainment products.

It added only 142,000 digital-only subscribers in the quarter, its lowest growth in at least seven quarters.

Total revenue in the second quarter rose 23.5% to $498.5 million, compared with the average analyst estimate of $487.7 million, according to Refinitiv IBES data.

Net income attributable to common stockholders rose to $54.32 million, or 32 cents per share, in the second quarter, from $23.66 million, or 14 cents per share, a year earlier.

(Reporting by Eva Mathews in Bengaluru; Editing by Aditya Soni)

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