The New York Times Company Reports First-Quarter 2024 Results

Key Highlights

  • The Company added approximately 210,000 net digital-only subscribers compared with the end of the fourth quarter of 2023, driven largely by bundle and multiproduct subscriber additions
  • Total digital-only average revenue per user (“ARPU”) increased 1.9 percent year-over-year to $9.21 primarily as a result of subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers
  • Growth in both digital subscribers and ARPU drove a year-over-year increase in digital subscription revenues of 13.2 percent
  • Digital advertising revenues increased 2.9 percent year-over-year largely as a result of higher revenues from display advertising at The Athletic and creative services, partially offset by lower revenue from display advertising at The New York Times Group “NYTG” and podcast advertising
  • Other revenue increased 7.6 percent year-over-year as a result of higher licensing and Wirecutter affiliate referral revenues, partially offset by lower books, television, and film revenues
  • Operating costs increased 2.4 percent year-over-year and adjusted operating costs (defined below) increased 2.2 percent, largely as a result of higher journalism and product development costs, partially offset by lower general and administrative and sales and marketing costs
  • Operating profit increased 73.2 percent year-over-year to $48.3 million, while adjusted operating profit (defined below) increased 40.9 percent year-over-year to $76.1 million, primarily as a result of higher digital subscription and other revenues, partially offset by higher adjusted operating costs and lower advertising revenues

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “2024 is off to a strong start, as our results reflect the power of our strategy to be the essential subscription for every curious person seeking to understand and engage with the world, and as our world-class news and lifestyle products continue to attract huge and deeply engaged audiences. Our first quarter financial performance illustrates that our news-based, multi-product, multi-revenue subscription strategy continues to work as designed, and is on track to drive continued growth in revenue and earnings as well as generate healthy free cash flow in 2024.
details at: https://s23.q4cdn.com/152113917/files/doc_news/2024/05/08/Q1-24-Earnings-Release-Final-For-Distribution-rhHXIYbe.pdf

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