The New York Times beats second quarter profit estimates by adding 142,000 net digital subscribers

New York Times Co. shares NYT,
jumped 1.7% in pre-market trading on Wednesday, after the news group topped second-quarter profit estimates on higher subscription and advertising revenue. The company posted net income of $ 54.3 million, or 32 cents per share, for the quarter, compared to $ 23.7 million, or 14 cents per share, a year earlier. Adjusted earnings per share rose to 36 cents, ahead of the FactSet consensus of 27 cents. Revenue rose 23.6% to $ 498.5 million from $ 403.8 million a year ago, also ahead of the FactSet consensus of $ 488.0 million. Subscription revenue increased 15.7% to $ 339.2 million, advertising revenue increased 66.4% to $ 112.8 million, and other revenue increased 8.7% to 46 , $ 5 million. Compared to the second quarter of 2019 before the pandemic, revenue is up 14.3%. Subscription revenue “grew primarily due to growth in the number of subscriptions to the Company’s digital-only products, which include our news product and our Games, Kitchen and Audm products, as well as a subscription benefit. moving to higher prices thanks to promotional introductory prices, ”the company said in a statement. The company added 142,000 net digital subscribers with 77,000 in news and 65,000 in cooking and games, CEO Meredith Kopit Levien said. “We now have over 8 million paid subscriptions for our digital and print products, which is a testament to the success of our strategy, the strength of the paid digital journalism market and our unique opportunity to meet this demand,” said she declared. For the third quarter, the company expects under-revenue to increase by 13% to 15% and ad revenue to increase by around 30% to 35%. Shares have fallen 16.5% in the year to date, while the S&P 500 SPX,
+ 0.82%
gained 17.8%.

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