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.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!