The New York Times Company has reported second-quarter revenue growth of 5.2 percent compared with the same quarter of 2018.
Operating profit fell to $37.9 million from $40 million a year earlier.
The profit decline was “in large part a result of continued investment into growing our subscription business,” according to a statement from Mark Thompson, the company’s chief executive.
The number of digital and print paid subscriptions hit a new high of 4.7 million, the paper reported. Almost 3.8 million people purchased New York Times online products, with a net total of 197,000 customers added for its news, crossword and cooking apps during the quarter, up from the 109,000 subscriptions that came on in the same period last year. Of those subscribers, 131,000 bought the digital news product.
“We’re making steady progress toward our goal of reaching 10 million total subscriptions by 2025,” Thompson said.
Digital advertising revenue was up 13.7 percent year over year, while print advertising fell 8 percent, the Times said.