The New York Times Company (NYSE: NYT) announced today first quarter 2023 diluted earnings per share of $.13 compared with $.03 in the same period of 2022. Adjusted diluted earnings per share (defined below) was $.19 in the first quarter of 2023 compared with $.21 in the first quarter of 2022.
Operating profit increased to $27.9 million in the first quarter of 2023 from $6.3 million in the same period of 2022 as the impact of acquisition-related charges taken in the prior year and higher digital subscription and other revenues were partially offset by higher operating costs and lower advertising revenues.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead. We crossed 3 million bundle and multi-product subscribers in the quarter and hit a number of new records for bundle uptake; drove continued, sequential ARPU expansion as we fully applied our value-based pricing strategy; enjoyed the strongest enterprise-wide subscriber engagement we’ve seen in more than a year; and slowed cost growth for the third consecutive quarter through disciplined cost management.
“We added 190,000 net new digital subscribers, bringing our total to more than 9.7 million. While advertising continues to experience near-term, cyclical challenges, our bundle strategy is gaining momentum, engagement metrics are strong, pricing initiatives are taking hold and we are slowing cost growth.
“Our strategy was purpose-built to give us multiple growth levers, and we are confident that we are on the path to becoming a larger and more profitable company.”
details at: https://s23.q4cdn.com/152113917/files/doc_news/2023/NYT-Press-Release-Q1-2023-Final-vTLac3c.pdf