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Mar 31, 2023
NYT Q1 2023 Earnings Report
The company experienced growth in subscription revenue but a decline in advertising revenue.
Key Takeaways
The New York Times Company reported a 4.3% increase in total revenue for Q1 2023, driven by growth in digital subscriptions. The company added 190,000 net new digital subscribers, bringing the total to over 9.7 million. However, advertising revenue declined, reflecting macroeconomic challenges.
Crossed 3 million bundle and multi-product subscribers.
Drove continued, sequential ARPU expansion.
Enjoyed the strongest enterprise-wide subscriber engagement in over a year.
Slowed cost growth for the third consecutive quarter through disciplined cost management.
NYT
NYT
NYT Revenue by Segment
Revenue by Segment
Digital-only Subs Revenue
CapyFin.comDigital Ads Revenue
CapyFin.comPrint Ads Revenue
CapyFin.comNYTG Subs Revenue
CapyFin.comNYTG Ads Revenue
CapyFin.comNYTG Other Revenue
CapyFin.com Forward Guidance
The company provided guidance for Q2 2023, anticipating growth in digital-only and total subscription revenues, while expecting a decrease in digital and total advertising revenues. Operating costs are projected to increase.
Positive Outlook
- Digital-only subscription revenues increase 12 - 15%
- Total subscription revenues increase 6 - 8%
- Other revenue increase high-single digits
Challenges Ahead
- Digital advertising revenues decrease low-to-mid-single digits
- Total advertising revenues decrease 4 - 8%
- Operating costs increase 6 - 8%
- Adjusted operating costs increase 6 - 8%
Revenue & Expenses
Visualization of income flow from segment revenue to net income