The New York Times Co. said Wednesday it had net income of $36.6 million, or 22 cents a share, in the third quarter, down from $54.7 million, or 32 cents a share, in the year-earlier period. Adjusted per-share earnings came to 21 cents, ahead of the 13 cent FactSet consensus. Revenue rose 7.6% to $547.7 million from $509.1 million a year ago, just below the $549.0 million FactSet consensus. Operating profit rose to $51 million from $49 million a year ago, as higher digital subscriptions at the New York Times Group segment offset expected operating losses at the recently acquired The Athletic Media Co. The company added 180,000 net digital-only subscribers in the quarter, and ended with 9.33 million subscribers, up from 7.35 million a year ago. Subscription revenue rose 11.7% to $382.7 million, ad revenue fell 0.4% to $110.5 million and other revenue fell 1.9% to $54.5 million. "The biggest story of our third quarter was continued progress on the bundle, with mounting evidence that our strategy is working," Chief Executive Meredith Kopit Levien said in a statement. "It was our best quarter yet for bundle net additions, with a record number of starts and a record percentage of our total starts taking the bundle." The company has more than a million bundle subscribers, putting it on track to meet its target of 15 million subscribers by 2027, she added. The company is expecting fourth-quarter digital-only subscription revenue to rise about 20%, total subscription revenue to rise about 10% to 13% and digital ad and total ad revenue to fall about 10%. Shares were not yet active premarket, but have fallen 40% in the year to date, while the S&P 500 has fallen 19%.
(END) Dow Jones Newswires
November 02, 2022 07:32 ET (11:32 GMT)
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