New York Times forecasts third-quarter ad revenue ahead of estimates
NEW York Times on Tuesday (Aug 8) forecast stronger-than-expected advertising revenue for the current quarter after the company reported second-quarter revenue ahead of analysts’ estimates.
The publisher has been bundling access to news reports and articles with a diverse portfolio of products from podcasts and games to product recommendations as it looks to boost engagement and retain users.
Demand for advertisement spots are on a rebound after economic uncertainty forced companies to trim ad spending. Hospitality, travel and retail are among the sectors boosting ad spend.
The New York Times expects total advertising revenue to be flat in the third quarter, while analysts expected a drop of 4.1 per cent, according to Refinitiv data.
The company reported revenue of US$590.9 million for the second quarter, compared with estimates of US$580.5 million.
NYT has been trying to transition subscribers who were attracted to the brand through promotions to paying higher prices for bundles.
The company added 180,000 digital-only subscribers for the second quarter, compared with 190,000 in the first quarter. It has a goal of 15 million subscribers by 2027.
NYT reported a net income of 28 cents per share, compared with 37 cents per share a year earlier, a year earlier. REUTERS
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