NY Times back in profit zone on higher online subscriptions

The New York Times Co swung to profit in the third quarter as it boosted digital subscribers and kept a lid on operating costs, earnings results showed on Thursday. The profit for the prestigious daily struggling with a rapidly changing media industry amounted to 9.4 million, compared with a loss of $12.5 million in the same period a year ago. Revenues edged up 0.7 per cent from last year to 367 million. 

The Times, which is aiming to boost its digital audience as print readership declines, said it added 51,000 net online subscriptions in the quarter, but its ad revenues-both from digital and print-declined. Chief executive Thompson said the gains in online subscribers bring the total number of paid digital-only subscribers to 1,041,000.