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The New York Times announced one of its most profitable quarters in years, following strong digital growth and rising online advertisement revenue.
The latest report shows a $15.6 million net profit for the second quarter of 2017, compared to a $211,000 loss over the same quarter of 2016.
The Times also revealed on Thursday that revenue from online services rose 23% to $55 million in the second quarter of 2017. That figure has grown to approximately 42% of all ad revenue for the newspaper, compared to roughly one-third over the same period last year.
Additionally, an additional 93,000 digital-only subscriptions for news products helped power a 46% increase in subscriptions income over the second quarter of 2016, reaching $83 million for the quarter.
Some traditional areas of the company had seen falling profits for the New York Times, as it has across the media industry overall. Print advertising revenue fell 11%, to $77 million. However, bolstered by the uptick in digital income, overall ad revenue rose slightly over the same period last year to $132 million.
“We believe that more and more people are prepared to pay for high quality in-depth journalism that helps them make sense of the world,” said Times chief executive Mark Thompson.
Overall, the New York Times brought in $407 million in revenue for the second quarter of 2017, a nine percent increase over second quarter of 2016.
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