The New York Times Company Reports 2021 Third-Quarter Results

The New York Times Company (NYSE: NYT) announced today thirdquarter 2021 diluted earnings per share from continuing operations of $.32 compared with $.20 in the same period of 2020. Adjusted diluted earnings per share from continuing operations (defined below) was $.23 in the third quarter of 2021 compared with $.22 in the third quarter of 2020.

Operating profit increased to $49.0 million in the third quarter of 2021 from $39.6 million in the same period of 2020 and adjusted operating profit (defined below) increased to $65.1 million from $56.5 million in the prior year, as higher subscription, advertising and other revenues more than offset higher costs.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “The Times had a strong third quarter: We added a total of 455,000 net new digital subscriptions, including 320,000 for News and 135,000 for Games, Cooking and Wirecutter. This was our best third-quarter performance in both News and total net subscription additions since the launch of the digital pay model more than a decade ago, and, outside of 2020, our best quarter ever for digital subscription additions.

“We hit a milestone during the quarter — more than one million international digital subscriptions. Taken in total, The Times finished Q3 with more than 8.3 million paid subscriptions across our digital and print products.

“While it was a busy news period with a wide range of topics capturing the public’s attention, our subscription performance was also the result of actions we’ve taken to improve conversion and to begin to differentiate the subscriber experience in order to showcase its benefits to prospects and to drive retention.

“During the quarter, we launched paid subscriptions to Wirecutter and announced plans to test digital product experiences in audio and for kids in the coming months.

“Total revenues grew 19 percent in the quarter, on strong digital subscription and total advertising revenue growth. As a result, profit grew despite an increase in costs.

“Our progress this quarter reflects the power of our subscription-first strategy, the enduring demand for quality, independent journalism and our long-term potential to mean more to more people across a range of news and life needs.”

Total revenues for the third quarter of 2021 increased 19.3 percent to $509.1 million from $426.9 million in the third quarter of 2020. Subscription revenues increased 13.8 percent to $342.6 million, advertising revenues increased 39.9 percent to $110.9 million and other revenues increased 19.1 percent to $55.6 million. Compared with the third quarter of 2019, total revenues increased 18.8 percent, as subscription revenues increased 28.2 percent, advertising revenues declined 2.3 percent and other revenues increased 16.7 percent.

Total operating costs increased 18.8 percent in the third quarter of 2021 to $460.1 million compared with $387.3 million in the third quarter of 2020, while adjusted operating costs increased 19.9 percent to $444.1 million from $370.4 million in the third quarter of 2020. Compared with the third quarter of 2019, total operating costs increased 14.6 percent, while adjusted operating costs increased 15.5 percent.
further details at: https://s23.q4cdn.com/152113917/files/doc_news/2021/11/Press-Release11.3.2021.pdf

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