Torstar Corporation reports quarterly earnings, adds 15,000 digital subscribers


May 13, 2019 Facebook Twitter LinkedIn Google+ Uncategorized



  • Torstar continues to make promises of “transformation
  • Toronto Star content on Apple News+ was a big focus for the quarter

Torstar Corporation [TCO] reported financial results for the first quarter ended March 31, 2019 late last week with a $7.4M loss compared to $14.5 million in the same quarter last year.  The newspaper ended the quarter with more than 15,000 digital only subscribers. The first quarter of 2019 also saw the publisher earn $51.5 million of cash and cash equivalents and $8.9 million of restricted cash; Torstar has no bank indebtedness.

“We continued to make good progress on our journey towards a digital future that combines the power of data with our deep roots in journalism to develop new and growing digital subscription and advertising revenue streams. We ended the quarter with over 15,000 digital only subscribers to thestar.com, which was in line with our expectations. We also announced an agreement with Apple which has the potential to allow us to generate revenue from a broader national audience. Results in the quarter however continued to reflect ongoing challenges in the print advertising market.” said John Boynton, President and CEO of Torstar. “

 

What the quarter means to Torstar Corporation?


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