The New York Times Company (NYSE: NYT) announced today secondquarter 2023 diluted earnings per share of $.28 compared with $.37 in the same period of 2022.
Operating profit increased to $55.8 million in the second quarter of 2023 from $51.7 million in the same period of 2022, and adjusted operating profit (defined below) increased to $92.2 million from $76.2 million. In each case, the increase was due to higher digital subscription and other revenues, partially offset by higher operating costs.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “Our second-quarter results confirm our view that our essential subscription strategy is working as designed, with momentum in several key areas. We added 180,000 net new digital subscribers, with more than half of our digital starts taking the bundle for the second quarter in a row. More than a third of our nearly 10 million subscribers are now bundle or multiproduct subscribers.
“Digital subscription revenue grew thanks to gains in both subscriber volume and ARPU, with the latter up year-on-year for the first time since our acquisition of The Athletic. Subscriber engagement remains high, helping to power our multi-revenue stream model, including digital advertising, which exceeded expectations with a 6.5 percent revenue increase. And we’ve continued to exercise cost discipline while simultaneously enhancing the value of our offering.
“We believe continued strong execution of our bundle strategy positions us to be more resilient to external market dynamics while driving sustainable value creation. We are proud of the progress we are making to build a larger and more profitable company, which in turn allows us to continue to do the most ambitious, high quality journalism across an ever broadening range of topics and formats.”
details at: https://s23.q4cdn.com/152113917/files/doc_news/2023/q2/NYT-Press-Release-Q2-2023-Final-peLCvPS4.pdf