(Adds CEO comment in paragraph 4 and 8, subscription revenue in paragraph 9)May 10 (Reuters) - The New York Times Co missed estimates for quarterly revenue on Wednesday as a turbulent economy sapped digital subscriber growth and forced businesses to cut back on advertising spending. "Advertising continues to experience near-term, cyclical challenges," said New York Times CEO Meredith Kopit Levien. The company's digital ad revenue fell nearly 9% to $61.3 million in the January-March period, while total revenue of $560.7 million came in below analysts' estimates of $571 million, according to Refinitiv data. "Our bundle strategy is gaining momentum, engagement metrics are strong, pricing initiatives are taking hold and we are slowing cost growth," Levien said. The company's subscription revenue grew nearly 7%, with the average revenue for each digital-only subscriber falling just 1%, compared with a 7% decline in the previous quarter and an 8% slide a year earlier.

Source: The Times May 10, 2023 23:48 UTC