surpassed revenue estimates for the third quarter on Wednesday as the advertising market picked up and more subscribers switched to its higher-priced bundles.
The company reported revenue of $598.3-million for the third quarter, above analysts’ average estimate of $589.4-million, according to LSEG data. Strong results by technology giants Meta and Alphabet have signalled a rebound in the advertising market as firms which were earlier bogged down by high interest rates are gradually increasing enterprise spend.
The company reported average revenue per user for bundled subscriptions of $12.81, compared with a total digital-only ARPU of $9.28.
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