New York Times Gains On Q3 Bottom-Line Beat; Digital Advertising Revenue Surge 4.9%

New York Times Co NYT reported third-quarter FY22 sales growth of 7.6% year-on-year, to $547.68 million, missing the consensus of $548.77 million.
Revenue from Subscription rose 11.7%, and Advertising declined 0.4%.
Digital-only subscription revenue increased 22.8% Y/Y to $243.9 million. Digital advertising revenue rose 4.9% to $70.3 million.
Total operating cost increased by 9.5% to $503.8 million.
The operating margin was 9.3%, and operating income for the quarter rose 4% to $51 million.
Total paid subscribers in the quarter were 9.3 million versus 7.3 million last year.
Adjusted EPS of $0.21 beat the analyst consensus of $0.13.
Outlook: New York Times sees Q4 FY22 total subscription revenues to grow 17% - 20%.
The company expects Digital-Only subscription revenue growth of 30% - 33%.
CEO Meredith Kopit Levien said, "With three quarters of the year behind us, we are improving our outlook for full-year 2022 results and expect adjusted operating profit between $320 and $330 million, even with the dilution from our acquisition of The Athletic, which is on the high-end of the full year guidance range we provided in February."
Price Action: NYT shares are trading higher by 7.24% at $31.25 on the last check Wednesday.
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