NYTimes Adds 200K On-Line Subs

The New York Times Co., assailed by a U.S. president who brands it as “failing,” signed up more than 200,000 paying online subscribers in the third quarter, helping it top Wall Street estimates for both profit and revenue.

Online subscriptions have become central to the Times’ future as revenue from print advertisements dry up and the increase was the highest since a bump at the start of last year driven by President Donald Trump’s repeated mentions of the paper.

Shares in the publisher rose 8 percent after quarterly results showed digital-only subscribers rose to 3.1 million at the end of September, the result of a combination of aggressive discounting and heavy spending on marketing.

The company’s stock has now risen 54 percent this year.

The paper has faced repeated criticism from Trump on its coverage of the administration. The president attacked the paper several times with tweets, saying the paper was “failing”.

When asked about the president’s comments, Chief Executive Officer Mark Thompson told Reuters that the White House receives many copies of the paper and said they were very loyal, long serving subscribers.

“And we always admire and thank our subscribers,” Thompson said.

The paper has continued to discount heavily while marketing itself as a source of unbiased reporting in a deeply divided America. Some digital subscriptions begin at just $1 a week.

The company’s digital advertising revenue, now responsible for over 70 percent of overall advertising revenue, jumped about 17 percent to $57.8 million in the third quarter, while print advertising revenue continued to decline.