The New York Times Company reports second-quarter 2024 results

 The New York Times Company (NYSE: NYT) announced today second-quarter 2024 results.

Key Highlights:

• The company added approximately 300,000 net digital-only subscribers compared with the end of the first quarter of 2024, driven by bundle and multiproduct subscriber additions as well as other single product subscriber additions.
• Total digital-only average revenue per user (“ARPU”) increased 2.1 percent year-over-year to $9.34 primarily as a result of subscribers transitioning from promotional to higher prices and price increases on tenured non-bundled subscribers.
• Growth in both digital subscribers and ARPU drove a year-over-year increase in digital subscription revenues of 12.9 percent.
• Digital advertising revenues increased 7.8 percent year-over-year largely as a result of higher revenues from display advertising at The Athletic and The New York Times Group (“NYTG”).
• Other revenue increased 4.9 percent year-over-year as a result of higher Wirecutter affiliate referral and licensing revenues.
• Operating costs increased 2.0 percent and adjusted operating costs (defined below) increased 4.4 percent year-over-year, largely as a result of higher journalism, product development and general and administrative expenses.
• Operating profit increased 42.4 percent year-over-year to $79.4 million, while adjusted operating profit (defined below) increased 13.6 percent year-over-year to $104.7 million, primarily as a result of higher digital subscription revenues partially offset by higher adjusted operating costs.
• Operating profit margin for the quarter was 12.7 percent and adjusted operating profit margin (defined below) was 16.7 percent, a year-over-year increase of approximately 110 basis points.
• Diluted earnings per share for the quarter was $.40, a $.12 increase year-over-year and adjusted diluted earnings per share (defined below) was $.45, a $.07 increase year-over-year.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “It was a strong second quarter for The Times — one in which we made further progress on the path to grow our subscriber base and become the essential subscription for every curious person seeking to understand and engage with the world. The combination of our world-class news destination plus market-leading lifestyle products means we have complementary offerings in big spaces, each with multiple growth levers fueling multiple revenue streams. Together we believe these make The Times resilient in a changing media landscape and well positioned for continued value creation.”

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