NYT Q1 2023 Earnings Report
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
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