The New York Times Company Reports Fourth-Quarter and Full-Year 2023 Results

Key Fourth Quarter Highlights

  • The Company added approximately 300,000 net digital-only subscribers compared with the end of the third quarter of 2023, fueled by bundle and multi-product subscriber additions
  • Total digital-only average revenue per user (“ARPU”) grew 3.5 percent year-over-year to $9.24 primarily as a result subscribers graduating from promotional to higher prices and price increases on tenured non-bundled subscribers
  • Higher digital subscribers and ARPU drove year-over-year growth in subscription revenues from digital products of 7.2 percent
  • Digital advertising revenues decreased 3.7 percent year-over-year largely as a result of the five fewer days in the fourth quarter of 2023 compared to 2022 as well as declines in revenue from our podcasts and creative services
  • Other revenue increased 10.0 percent year-over-year as a result of continued strength in licensing and Wirecutter affiliate referral revenues
  • Operating costs decreased 4.8 percent year-over-year and adjusted operating costs (defined below) decreased 0.7 percent, largely as a result of lower cost of revenue, partially offset by higher salesand marketing and product development costs
  • Operating profit of $129.0 million, a 38.7 percent increase year-over-year, with adjusted operating profit (defined below) of $154.0 million, an 8.5 percent increase year-over-year primarily as a result of higher digital subscription and other revenues as well as lower adjusted operating costs, partially offset by lower advertising revenues

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “2023 was a strong year for The Times that showcased the power of our strategy to be the essential subscription for every curious person seeking to understand and engage with the world. Our market leading news and lifestyle products commanded large and deeply engaged audiences, and our multi-revenue stream model contributed to improving profitability. We realized strong annual growth in earnings per share, adjusted operating profit, and free cash flow, which each hit their highest point since our digital transformation began more than a decade ago.”
more at: https://s23.q4cdn.com/152113917/files/doc_news/2023/q4/NYT-Press-Release-Q4-2023-Final-gYtpe4NB.pdf

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