New York Times beats estimates, adds 300,000 digital subscribers

NEW York Times reported second-quarter earnings that beat analysts’ expectations, as the company continues to grow its subscriber count.

The newspaper publisher reported earnings of 45 cents a share on Wednesday (Aug 7), excluding some items. The results topped Wall Street estimates of 41 cents a share. Revenue totalled US$625.1 million compared with expectations of US$624.6 million.

In an industry facing layoffs, threats from artificial intelligence and lagging readership, the Times continues to add customers. The company has diversified, launching a games and cooking subscription services and acquiring the sports news site the Athletic.

The Times added 300,000 digital subscribers, compared with 210,000 in the first quarter. The company now has a total of 10.84 million subscribers, including print and digital, compared with forecasts for 10.74 million.

Ad revenue reached US$119.2 million, versus estimates of US$119.7 million, with political advertising heating up ahead of the 2024 presidential election.

The Athletic, which was bought by the Times in 2022, posted an adjusted operating loss of US$2.4 million.

SEE ALSO

New York Times beats profit estimates on bundle strength

New York Times misses revenue expectations as advertising spends weaken

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

The company forecast subscription revenues to increase by 7 to 9 per cent in the third quarter. BLOOMBERG