- The New York Times reported third-quarter revenue of $768.5 million, above the $766.9 million expected by analysts. Net income rose 19.2% to $97.4 million.
- Digital-only subscription revenue rose 14.6% to $421.3 million, while the publisher added approximately 420,000 digital-only subscribers, bringing its total subscriber base to 13.8 million.
- Digital advertising revenue rose 12% to $109.9 million. The company had previously forecast mid-to-high-teens digital advertising growth.
The New York Times added 420,000 subscribers in the third quarter as both earnings and revenue topped Wall Street expectations.
The company reported third-quarter revenue of $768.5 million, up 9.7% from $700.8 million a year earlier. Net income rose 19..2% to $97.4 million, while diluted earnings per share came in at 60 cents a share. Excluding one-time items, per-share earnings would’ve come in at 68 cents a share.
The results topped analyst consensus estimates of $766.9 million and 65 cents a share, according to Yahoo Finance.
Shares rose 4.1% to $69.93 in early trading.
The Times added 420,000 digital-only subscribers during the quarter, bringing its total subscriber base to 13.8 million. The company ended June with 13.35 million subscribers, including 12.8 million digital-only subscribers, after adding 280,000 digital subscribers in the second quarter.
Digital-only subscription revenue rose 14.6% to $421.3 million, compared with $367.4 million a year earlier. The company previously forecast growth of 12% to 15% for the third quarter, reflecting continued expansion of its digital subscriber base and higher subscription prices.
Looking ahead, it projects digital-only subscription revenue growth of between 12% and 15% in the fourth quarter.
Digital-only average revenue per user, which measures the amount the company earns from each digital subscriber over a 28-day billing cycle, reached $9.93, compared with $9.79 a year earlier.
The Times has also been confronting the growing influence of artificial intelligence on the publishing industry, including questions about how AI-powered search tools affect referral traffic and how publishers can be compensated for the use of their journalism.
The story is developing.
The post New York Times Adds 420,000 Subscribers as Q3 Digital Revenue Rises appeared first on TheWrap.
