(Reuters) -New York Times Co beat estimates for quarterly revenue on Wednesday, benefiting from increasing advertising spend and more subscribers converting to higher-priced bundles.
The company reported revenue of $598.3 million for the third quarter, above analysts’ average estimate of $589.4 million, according to LSEG data.
The Times has been promoting its bundled offerings of news, entertainment and lifestyle articles as well as podcasts as it looks to attract and retain subscribers, making the publication a lucrative spot for advertisers.
Subscription revenue grew 9.4% to $418.6 million in the three months to September, above estimates, as introductory promotional prices graduated to higher prices for many customers.
Strong results by technology giants Meta and Alphabet have signalled a rebound in the advertising market as firms which were earlier bogged down by high interest rates are gradually increasing enterprise spend. Advertising revenue increased 6% year-over-year to $117.1 million, exceeding market expectations as well.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Maju Samuel)
