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.

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