The New York Times posted revenue of $590.9 million, a 6.3 percent increase year-over-year, with a net income of 28 cents per share, on Tuesday which comfortably beat Wall Street estimates.
Analysts surveyed by Zacks Investment Research were expecting earnings of 21 cents per share on revenue of $578 million.
The newspaper delivered an improvement in subscription revenues, which totaled $406.6 million in the second quarter, for digital and print subscriptions combined—a 6.8 percent increase. Digital advertising revenue also increased, by 6.5 percent. However, print advertising declined by 8.6 percent.
On Tuesday, the New York Times boasted the addition of 180,000 new digital subscribers in the second quarter, which now puts the subscriber total close to 10 million.
The company’s president and chief executive, Meredith Kopit Levien, said in a statement that more than a third of those subscribers were subscribed to more than one New York Times product. The outlet has expanded its subscription offerings to include news, Cooking, Wirecutter, Games and The Athletic. According to Levien, more than half of the new subscribers in the second quarter subscribed to the full product bundle provided.
The Athletic, the sports news site that has been a point of contention for the New York Times lately, posted revenue of $30.4 million with a loss of $7.8 million in the second quarter. The sports site saw a bright spot in advertising revenue which came in at $5.4 million. The Athletic finished the quarter with more than 3.6 million combined stand-alone and bundle subscribers.
In July, the New York Times staff union filed a legal grievance in response to the company’s planned shuttering of the newsroom’s sports section, in favor of outsourcing sports coverage to The Athletic, which the New York Times acquired for $550 million in 2022.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TheWrap – https://www.thewrap.com/new-work-times-q2-2023-earnings/
