NYT Q4 2023 Earnings Report
Key Takeaways
The New York Times Company reported a 1.3% increase in total revenue for Q4 2023, driven by growth in digital subscriptions and other revenues, which was partially offset by a decline in advertising revenue. The company added 300,000 net digital-only subscribers. Operating profit increased by 38.7% year-over-year. Diluted earnings per share increased to $0.66.
Added approximately 300,000 net digital-only subscribers compared with the end of the third quarter of 2023.
Total digital-only ARPU grew 3.5 percent year-over-year to $9.24.
Digital advertising revenues decreased 3.7 percent year-over-year.
Operating profit increased 38.7 percent year-over-year to $129.0 million.
NYT
NYT
NYT Revenue by Segment
Forward Guidance
The Company’s guidance for revenues and adjusted operating costs for the first quarter of 2024 compared with the first quarter of 2023.
Positive Outlook
- Digital-only subscription revenues increase 11 - 14%
- Total subscription revenues increase 7 - 9%
- Digital advertising revenues increase low-to-high-single-digits
- Other revenue increase mid-single-digits
- Depreciation and amortization: approximately $80 million
Challenges Ahead
- Total advertising revenues decrease mid-single-digits
- Adjusted operating costs increase 5 - 7%
- Interest income and other, net: approximately $30 million
- Capital expenditures: approximately $50 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income