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Jun 30, 2023
NYT Q2 2023 Earnings Report
NYT Q2 2023 earnings increased due to growth in digital subscriptions and advertising revenue, and the company is focused on its bundle strategy.
Key Takeaways
The New York Times Company reported a 6.3% increase in total revenue to $590.9 million, driven by growth in digital subscriptions and advertising revenue. The company added 180,000 net new digital subscribers, with more than half taking the bundle. Digital advertising revenue increased by 6.5%.
Added 180,000 net new digital subscribers, with more than half taking the bundle.
Digital subscription revenue grew thanks to gains in both subscriber volume and ARPU.
Digital advertising revenue exceeded expectations with a 6.5 percent revenue increase.
Continued to exercise cost discipline while simultaneously enhancing the value of our offering.
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 the third quarter of 2023, including expectations for digital-only subscription revenue growth, total subscription revenue growth, digital advertising revenue growth, total advertising revenue, other revenue growth, and operating cost increases.
Positive Outlook
- Digital-only subscription revenues increase 14 - 17%
- Total subscription revenues increase 8 - 10%
- Digital advertising revenues increase mid-single-digits
- Total advertising revenues approximately flat
- Other revenue increase 13 - 16%
Challenges Ahead
- Operating costs increase 5 - 7%
- Adjusted operating costs increase 5 - 8%
- Depreciation and amortization: approximately $80 million
- Interest income and other, net: approximately $15 million to $17 million
- Capital expenditures: approximately $50 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income