The New York Times Company (NYSE: NYT) have announced financial results for the second quarter ended June 26, 2022.
They reported as follows:
Second Quarter 2022 Key Financial Highlights
- Operating profit was $51.7M, a 29.5% decrease, while adjusted operating profit (defined below) was $76.2M, a 18.0% decrease, both largely as a result of expected operating losses at The Athletic Media Company (“The Athletic”), which the Company acquired in the first quarter of 2022.
- Adjusted operating profit at The New York Times Group segment was $88.8M, a 4.4% decrease, as higher digital subscription and other revenues were more than offset by higher costs. Adjusted operating loss at The Athletic segment was $12.6M.
- Total revenues were $555.7M, an 11.5% increase, as digital subscription revenues were $238.7M, a 25.5% increase.
- The Company added approximately 180,000 net digital-only subscribers and 230,000 digital-only subscriptions compared with the end of the first quarter of 2022.
- Diluted earnings per share from continuing operations was $.37, a $.05 increase, while adjusted diluted earnings per share from continuing operations (defined below) was $.24, a $.12 decrease.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “Our second quarter results demonstrate that we are making palpable progress on our strategy of becoming the essential subscription for every English-speaking person seeking to understand and engage with the world. In the quarter, we brought in 180,000 net digital-only subscribers, including the highest-ever number of new starts to our All Digital Access Bundle, and saw an approximately 70% increase in net digital-only subscriber additions relative to the second quarter of 2021. These results are a product of our deliberate efforts to drive more volume, penetrate the addressable market, and ultimately increase ARPU, all while leading with the Bundle.
“Given the strength of our strategy, we are reaffirming our full-year profit outlook and remain confident in our ability to drive enhanced shareholder value, despite market uncertainties.
“With continued strength in converting new subscribers, a long runway of audience still to be penetrated, and an increasingly valuable product portfolio including a breadth of new offerings in games and The Athletic, we are well on our way to achieving our next mile marker of 15 million subscribers by 2027.”
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