Shares of The New York Times Co. rose more than 10 percent to $24.62 a share in midday trading on Thursday, following the company’s report that earnings in the fourth quarter beat estimates. The gains were fueled by gains in digital subscriptions, which helped offset the losses in print advertising.
Total revenue was $484.1 million, compared to $439.6 million in the same quarter last year — representing an increase of just over 10 percent.
According to reports, analysts had estimated a profit of 29 cents a share on revenue of $467.3 million, on average.
Digital advertising revenue rose 8.5 percent in the fourth quarter to $84 million, compared to $78 million in the fourth quarter of 2016, while print advertising revenue fell to $98 million, from $107 million in the same time period, a decrease of 8.4 percent.
Digital subscription revenue rose 51 percent, from $64 million in the fourth quarter of 2016 to $96 million a year later. Total digital subscriptions, which includes stand-alone subscriptions to the Cooking and Crossword products, rose to 2.6 million, from 1.9 million during the same period in 2017.
New York Times president and chief executive officer Mark Thompson said “2017 was a year marked by growth and innovation both in our groundbreaking journalism