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yesterday

New York Times Posts 9.7% Q2 Revenue Gain Fueled by Digital Subscriptions

Strong advertising momentum propelled net income to $82.95 million, increasing digital average revenue per user to $9.64

The headquarters of The New York Times company are seen at night. The glass-and-concrete building is behind a by a fronting composed of thin ceramic rods held horizontally, and at the lower floors the NYT's masthead logo is painted across them.

Overview

  • The company added 230,000 digital-only subscribers in Q2, bringing its digital-only base to 11.3 million and total subscribers including print to 11.9 million.
  • Total revenue for Q2 rose 9.7% year-over-year to $685.9 million, outpacing analysts’ forecast of $669.7 million.
  • Subscription revenue climbed 9.6% to $481.4 million, with digital-only revenue up 15.1% to $350.4 million and digital average revenue per user increasing 3.2% to $9.64.
  • Print subscription revenue fell 2.8% to $131.1 million, and total advertising revenue rose 12.4% to $134 million led by an 18.7% gain in digital ads.
  • Net income surged 26.6% to $82.95 million, and adjusted earnings per share reached $0.58, topping analyst expectations.