Open this photo in gallery: The New York Times building, in New York, on Aug. 3, 2020.SHANNON STAPLETON/ReutersNew York Times NYT-N rode on a recovery in the advertising market and rising subscriptions for its higher-priced bundles to surpass quarterly revenue estimates on Wednesday, sending shares of the publisher more than 7 per cent higher. “In the third quarter, we saw the largest-ever volume of bundled subscribers graduate from promotional to higher prices,” CEO Meredith Kopit Levien said. The company also earned more average revenue per user for bundled subscriptions at $12.81, compared with a total digital-only ARPU of $9.28. The Times saw quarterly advertising revenue increase 6 per cent year-over-year to $117.1-million, exceeding market expectations as well, in a sign that the ad sales market is on the rebound. Still, NYT expects total advertising revenue to decrease 4-8 per cent in the fourth quarter and sees a low-to-mid-single-digit decline in digital ad revenue.

Source: International New York Times November 08, 2023 22:00 UTC