Media

New York Times beats estimates as subscriber numbers top 10 million

Sales rose 9.3 per cent from the year prior to $598.3 million, exceeding expectations of $589.8 million

Jeff Bezos, owner of the Washington Post, which announced in October it would lay off 240 staff. Picture: Getty Images for WIRED25

New York Times Co reported better-than-expected results for the third quarter as total subscribers to the news giant passed 10 million.

Adjusted earnings rose to 37 cents a share, the company said on Wednesday, beating the 29-cent average of estimates compiled by Bloomberg. Sales rose 9.3 per cent from the year prior to $598.3 million, exceeding expectations of $589.8 million.

The publisher has succeeded in selling a combined package of offerings including its flagship newspaper, the product review site Wirecutter, the sports site The Athletic, and its cooking and games apps. Total subscribers rose to 10.1 million, meeting Wall Street estimates. The company has set a goal of 15 million total subscribers by 2027.