New York Times beats quarterly revenue estimates on subscriber additions
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
THE New York Times beat quarterly revenue estimates on Wednesday (Feb 8) as more people subscribed to the newspaper to read about the US midterm elections, offsetting weak digital ad sales.
The publisher reported revenue of US$667.5 million in the fourth quarter, compared with analysts’ estimates of US$646.4 million, according to Refinitiv data.
It also said it will buy back shares worth US$250 million.
The company has in the past few years embarked on an aggressive bundling push, combining its core news reports with digital content ranging from podcasts to cooking recipes and games in hopes of getting more revenue from readers.
“With each passing quarter, we saw more proof that there is strong demand for a bundle of our news and lifestyle products, hitting records on both total bundle volume and the share of new subscribers choosing the bundle,” said chief executive officer Meredith Kopit Levien.
The move has also seen the company purchase word game Wordle and sports news site The Athletic as it tries to meet a goal of 15 million subscribers by 2027.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The Times added 240,000 digital-only subscribers in the reported quarter, compared with 180,000 additions in the third quarter. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
