New York Times Faces Subscription Shortfall and Tech Worker Strike

The New York Times reported lower-than-expected subscription growth and revenue, while tech workers strike on the eve of the U.S. presidential election.

• The New York Times added 260,000 digital subscribers in Q3, falling short of the forecasted 11.14 million total subscribers with a result of 11.09 million.
• The company's Q3 revenue was $640.2 million, slightly below analyst expectations, while adjusted earnings per share exceeded projections at 45 cents.
• Tech workers at the Times, represented by the Times Tech Guild, have gone on strike over pay and return-to-office policies, coinciding with the crucial 2024 presidential election coverage.
• Despite the challenges, The Athletic, owned by the Times, reported a profit for the first time, contributing positively to the company's overall financial performance.
• Subscriber engagement reached its highest point since 2020, driven by popular offerings like Wordle and Connections, enhancing both subscriptions and advertising revenue.

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