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Jun 27, 2021
NYT Q2 2021 Earnings Report
NYT experienced strong revenue and profit growth, driven by subscription and advertising revenue streams.
Key Takeaways
The New York Times Company reported a strong second quarter in 2021, with diluted earnings per share of $0.32, up from $0.14 in the same period of 2020. Total revenues increased by 23.5% to $498.5 million, driven by growth in subscription and advertising revenues. The company ended the quarter with approximately 7,936,000 subscriptions across its print and digital products.
Crossed 8 million paid subscriptions across digital and print products.
Added 142,000 net digital subscriptions, with 77,000 in News and 65,000 in Cooking and Games.
Adjusted operating profit increased by 78% compared to the same quarter in 2020, reaching $93 million.
Digital advertising revenue increased by 79.6%, accounting for 63.0% of total Company advertising revenues.
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 expects subscription revenues to increase approximately 13% to 15%, with digital-only subscription revenue expected to increase approximately 25% to 30%. Total advertising revenues are expected to increase approximately 30% to 35%, with digital advertising revenue expected to increase approximately 40% to 45%. Other revenues in the third quarter of 2021 are expected to increase approximately 5 percent compared with the third quarter of 2020. Operating costs and adjusted operating costs in the third quarter of 2021 are expected to increase approximately 18 percent to 20 percent compared with the third quarter of 2020.
Positive Outlook
- Total subscription revenues in the third quarter of 2021 are expected to increase approximately 13 percent to 15 percent compared with the third quarter of 2020.
- Digital-only subscription revenue expected to increase approximately 25 percent to 30 percent.
- Total advertising revenues in the third quarter of 2021 are expected to increase approximately 30 percent to 35 percent compared with the third quarter of 2020.
- Digital advertising revenue expected to increase approximately 40 percent to 45 percent.
- Other revenues in the third quarter of 2021 are expected to increase approximately 5 percent compared with the third quarter of 2020.
Challenges Ahead
- Operating costs and adjusted operating costs in the third quarter of 2021 are expected to increase approximately 18 percent to 20 percent compared with the third quarter of 2020.
- The company continues to invest in the drivers of digital subscription growth and compare against the low spending last year as a result of actions taken during the first year of the pandemic.
- Depreciation and amortization: approximately $60 million.
- Interest income and other, net: $5 million to $7 million.
- Capital expenditures: approximately $50 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income