New York Times adds fewer digital subscribers in third quarter

New York Times posted fewer-than-expected digital subscribers for the third quarter, offsetting strong growth in advertising sales.

Readers are cutting back on subscriptions in an attempt to keep a lid on costs in an uncertain economy.

The company added 260,000 digital-only subscribers during the quarter, compared with 300,000 additions in the previous quarter.

Analysts expected the company to add 280,200 subscribers, according to Visible Alpha.

Its total advertising revenues increased 1.1% to $118.4 million, beating estimates of $116.93 million, according to data compiled by LSEG.

The company reported total revenue of $640.2 million for the third quarter, compared with estimates of $640.8 million.