New York Times added 210,000 net digital subscribers in Q3. Advertising revenue slid 6%. The company expects 1 million more subs in Q4. Alpha Score 52.
New York Times Co. added 210,000 net digital subscribers in the third quarter, bringing its total to 10.4 million. Digital subscription revenue climbed 11% from a year earlier, to $298 million. Advertising revenue fell 6% to $109 million, with print advertising dropping 12% and digital advertising flat.
Print subscription revenue declined 8% to $116 million. The company now has about 750,000 print subscribers, down from roughly 830,000 a year ago. Total revenue rose 3% to $640 million.
Costs increased faster. Operating expenses rose 5% to $580 million, driven by higher spending on technology and marketing. Adjusted operating profit margin narrowed to 9.4% from 11.2% a year earlier. Net income fell to $33.6 million, or 20 cents a share, from $38.1 million, or 23 cents a share, in the year-ago quarter.
Executives said the company's bundling strategy is working. The bundle of news and cooking offerings, along with its games service, has shown higher retention among subscribers who take multiple products. The company expects to add roughly 1 million net digital subscribers in the fourth quarter, a typical seasonal boost from the US election and holiday promotions.
NYT carries an Alpha Score of 52 out of 100, a "Mixed" label that reflects its solid subscription base and the structural decline in advertising. The stock has gained about 12% this year, roughly in line with the S&P 500. For broader context, see stock market analysis.
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