Shares of New York Times Co. (NYT - Get Report) were rising nearly 8% on Thursday, Nov. 1, after the media company beat Wall Street's third-quarter earnings estimates.

Earnings totaled $25 million, or 15 cents a share, down from $32.3 million, or 20 cents a share, in the year, but beat forecasts of 11 cents. 

Revenue was $417.3 million, up from $385.6 million a year ago. Digital-only subscription revenue increased to $101.2 million, up 18.1% from $85.7 million a year ago.

"We're executing on our subscription-first strategy; this quarter, subscription revenues accounted for nearly two-thirds of the company's revenues," said Mark Thompson, president and CEO, in a statement. "We're investing aggressively in our journalism, product and marketing and are seeing tangible results in our digital growth."

Digital subscriptions increased 24% to 3.1 million from 2.5 million a year ago. Advertising revenue, including digital and print ads, rose 7.1% $121.7 million from $113.6 million a year ago. Digital advertising was up 17%.

Total subscriptions as of the end of the quarter were 4 million.

Looking ahead, the company said it expects subscription and advertising revenue to decrease in the fourth quarter from last year, but increases in digital subscription and advertising revenue.

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