The New York Times announced Thursday a slight increase in revenue in its third quarter, despite a 5 percent decline in digital advertising revenue.
The Times' revenue is up to $367.4 million from last year's $364.7 million, in part because of a slowed decline in print advertisement and an increase in the company's digital subscribers.
The company reported it added 51,000 net digital subscribers this quarter, bringing the total number of digital subscribers to 1,041,000, which is a 19 percent increase from last year's third quarter.
The quarterly report was the first to be released since the Times announced an ambitious plan earlier this month to double the company's revenue from $400 million to $800 by 2020.
While the Times boasted overall revenue growth, it downplayed the 5 percent decrease in digital advertisement revenues that occurred between July and September. Times CEO Mark Thompson said during a conference call Thursday with financial analysts and shareholders that the decrease in digital revenue was due to "one-off issues."
“Total revenues grew in the quarter and we maintained a tight rein on costs. It was our best advertising quarter of the year, year over year, despite a decline in digital advertising revenue, with better performance in print," said Thompson. "We remain bullish about our digital advertising business and expect it to return to growth in the fourth quarter."
Read the full New York Times third-quarter report here.
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