The New York Times building is seen in Manhattan, New York, August 3, 2020.
Shannon Stapleton | Reuters
New York Times posted fewer-than-expected digital subscribers for the third quarter as readers cut back on spending in an uncertain economy, offsetting strong growth in advertising sales.
The company added 260,000 digital-only subscribers, compared with 300,000 additions in the previous quarter. Analysts expected the company to add 280,200 subscribers, according to Visible Alpha.
Heightened political advertising in the lead up to the 2024 U.S. presidential election helped the company’s ad revenue of $118.4 million beat analysts’ estimates of $116.93 million, according to data compiled by LSEG.
It reported total revenue of $640.2 million, compared with estimates of $640.8 million.
New York Times forecast subscription revenues to grow by 7% to 9% in the fourth quarter, slightly below expectations for 8.2% growth.
Revenue from sports news site The Athletic, purchased by the New York Times in 2022, jumped 29.8% to $44.7 million from $34.4 million a year ago.
Comments