NYT posted a record $46.2M Q2 profit, beating estimates on digital subscriptions and cost controls. But subscriber additions slowed to 260K, down from 430K a year ago. Advertising revenue slipped 1.5%.
The New York Times Company posted a record net income of $46.2 million for the second quarter. Digital subscription revenue and tight cost controls drove the bottom line past analyst expectations, the publisher said. The company credited its bundle strategy – print and digital access that now includes the Athletic, Wirecutter, and the Cooking and Games apps.
Digital subscriber growth slowed. The Times added 260,000 net digital subscribers in the period. That was down from 320,000 in the first quarter and 430,000 in the year-ago quarter. Total digital subscriptions stood at 10.8 million at quarter-end, up 11% from a year earlier.
Advertising revenue fell 1.5% to $164 million. Print advertising dropped 8.2%. Digital ad revenue was flat. The company pointed to a weak political-ad market ahead of the midterm elections.
Management forecast fourth-quarter digital subscriber additions similar to the third quarter, roughly 250,000. It expects a modest acceleration in ad revenue, the CFO said. The stock rose 1.5% in late trading after the earnings call.
The New York Times Co. holds an AlphaScala rating of 54 out of 100, classified as Mixed, within the Communication Services sector. The score reflects decelerating subscriber additions and a stagnant advertising division, partially offset by high operating margins in its growing digital segment.
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