NYT Q2 2022 Earnings Report
Key Takeaways
The New York Times Company announced its second-quarter results, which showed an 11.5% increase in total revenues, reaching $555.7 million. This growth was largely driven by a 25.5% increase in digital subscription revenues. However, operating profit decreased by 29.5% to $51.7 million, primarily due to operating losses from The Athletic. The company added approximately 180,000 net digital-only subscribers and 230,000 digital-only subscriptions compared with the end of the first quarter of 2022.
Total revenues increased by 11.5% to $555.7 million, driven by digital subscription growth.
The Company added approximately 180,000 net digital-only subscribers and 230,000 digital-only subscriptions compared with the end of the first quarter of 2022.
Operating profit decreased by 29.5% to $51.7 million, mainly due to losses at The Athletic.
Digital subscription revenues increased by 25.5% to $238.7 million.
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NYT Revenue by Segment
Forward Guidance
The company provided guidance for the third quarter of 2022, anticipating continued growth in digital-only subscription revenues and managing operating costs.
Positive Outlook
- Digital-only subscription revenues are expected to increase by 21% - 25%.
- Total subscription revenues are expected to increase by 11% - 13%.
- The New York Times Group expects digital-only subscription revenues to increase 10% - 14%.
- The New York Times Group expects total subscription revenues to increase 5% - 7%.
- Cost growth for The New York Times Group is expected to slow considerably in the second half of 2022.
Challenges Ahead
- Total advertising revenues are expected to be flat to decrease low-single digits.
- Digital advertising revenues are expected to decrease 4% - 8% for The New York Times Group.
- Other revenue is expected to decrease approximately 5%.
- Operating costs are expected to increase 10% - 15%.
- The Athletic will have a dilutive impact on a consolidated basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income