The New York Times Company’s subscription revenues passed $1 billion in 2017 due in part to growth in digital subscriptions, the paper reported.
The company reported strong fourth-quarter earnings and revenues that went beyond expectations.
The Times reported an increase of 157,000 digital subscriptions in the fourth quarter. The over $1 billion in subscription revenues were responsible for 60 percent of total revenue in 2017.
Total revenue for the year was up 8 percent, to $1.7 billion. Revenue in the fourth quarter of 2017 compared to the same period in 2016 was up 10.1 percent, to $484.1 million, topping a Thomson Reuters survey that estimated $467.3 million in revenue.
For the quarter, the New York Times reported a loss of $56.8 million. One-time pension charges and a rejiggering of tax obligations after an overhaul passed by Congress affected the quarter’s numbers. For all of 2017, the company posted a profit of $4.2 million.