The New York Times Company Reports First-Quarter 2022 Results

The New York Times Company (NYSE: NYT) announced today first-quarter 2022 diluted earnings per share from continuing operations of $.03 compared with $.24 in the same period of 2021. Adjusted diluted earnings per share from continuing operations (defined below) was $.19 in the first quarter of 2022 compared with $.26 in the first quarter of 2021.

Operating profit decreased to $6.3 million in the first quarter of 2022 from $51.7 million in the same period of 2021 largely as a result of one-time costs related to the acquisition of The Athletic Media Company (“The Athletic”), which occurred in the first quarter of 2022, as well as a result of operating losses at The Athletic. Adjusted operating profit (defined below) decreased to $60.9 million from $68.1 million in the prior year, as a result of operating losses at The Athletic. Adjusted operating profit at The New York Times Group was largely unchanged at $67.7 million as digital subscription and advertising revenue growth was offset by higher costs.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “We’re off to a strong start on the next phase of our strategy, which is to become the essential subscription for every English-speaking person seeking to understand and engage with the world. We believe we have a tremendous opportunity to win a larger share of a still-growing market. We’re confident that we can attract, retain and monetize subscribers and drive profitable growth as we progress towards our goal of 15 million subscribers by the end of 2027.

“Our coverage of the war in Ukraine has been continuous and comprehensive and our readers have responded in large numbers and with deep engagement. Our ability to lead on and engage our audience in the biggest, most consequential stories of our time underpins our confidence in our strategy. “While we experienced real momentum in news, it was not the only driver of strength in the quarter. Wordle brought an unprecedented tens of millions of new users to The Times, many of whom stayed to play other games which drove our best quarter ever for net subscriber additions to Games and we’re off to a great start on our work with The Athletic.
details at: https://s23.q4cdn.com/152113917/files/doc_news/2022/05/NYT-Press-Release-3.27.2022-Final-O2ACvs2.pdf

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