New York Times Down 7.5% After Warning Subscription Revenue Will Slow in Q3
- Net loss: $96.3 million, down 9.7% compared with $106.6 million last year.
- Revenue: $762.5 million, up 11.2% year over year, compared with the $748 million expected by analysts surveyed by Yahoo Finance.
- Earnings per share: $0.57 cents on a diluted basis. Adjusted EPS was $0.69 cents, compared with the $0.67 cents expected by analysts surveyed by Yahoo Finance.
The New York Times Company ended the second quarter with 13.35 million total subscribers, including 12.8 million digital-only subscribers, after adding 280,000 digital-only subscribers during the period. Total subscribers increased 16.4% from a year earlier.
Digital-only subscription revenue increased 16.4% to $409.7 thousand, while digital advertising revenue rose 20.7% to $11.4 thousand. Total subscription revenue grew 11.2% year over year to $762.5 million.
The company said digital subscription ARPU increased year over year, while average monthly churn remained low, reflecting continued engagement across its news and lifestyle products.
“Q2 was another strong quarter for The Times, driven by the consistent execution of our strategy. Our results reflect the increasingly rare and valuable nature of our products, and the durability of our business model,” President and CEO Meredith Kopit Levin said in a statement. “By continuing to invest in independent, high-quality journalism and market-leading lifestyle products — and leaning into our opportunity in video—we’re becoming even more essential to even more people. In a rapidly changing media landscape, we believe we are well positioned to continue building a larger, more profitable company.”
More to come…