The New York Times Company Reports 2019 Third-Quarter Results

The New York Times Company (NYSE: NYT) announced today third-quarter 2019 diluted earnings per share from continuing operations of $.10 compared with $.15 in the same period of 2018. Adjusted diluted earnings per share from continuing operations (defined below) was $.12 in the third quarter of 2019 compared with $.15 in the third quarter of 2018.

Operating profit decreased to $25.1 million in the third quarter of 2019 from $41.4 million in the same period of 2018 and adjusted operating profit (defined below) decreased to $44.1 million from $53.7 million in the prior year, as higher costs and lower advertising revenues more than offset higher digital-only subscription revenues and other revenues.

Mark Thompson, president and chief executive officer, The New York Times Company, said, “Q3 2019 was our best ever third quarter for new digital news subscriptions, the fourth best quarter in the history of our pay model and a very encouraging quarter for the company as a whole. We now have more than three million subscriptions to our digital news product, more than four million total digital subscriptions, and 4.9 million total subscriptions. We’re on track to hit 10 million subscriptions by 2025 and now believe at least 2 million of those will come from markets outside the United States. As of the end of the third quarter, we had more than 500,000 international subscriptions.

“In Q3 we made a significant change to our pay model. Most anonymous users now have to register and log in to The New York Times if they want to read more than a very limited number of stories. It’s much easier for us to encourage these logged-in users to engage more deeply with our content and consider subscribing. This was an important factor in the strong net subscription adds in the quarter. Encouragingly, it has not so far led to any appreciable loss of overall unique users.

Total revenues for the third quarter of 2019 increased 2.7 percent to $428.5 million from $417.3 million in the third quarter of 2018. Subscription revenues increased 3.7 percent, advertising revenues decreased 6.7 percent and other revenues increased 25.9 percent.

Subscription revenues in the third quarter of 2019 rose primarily due to growth in recent years in the number of subscriptions to the Company’s digital-only products. Revenue from the Company’s digital-only subscription products (which include our news product, as well as our Crossword and Cooking products) increased 14.5 percent, to $115.9 million, from the third quarter of 2018.
more detail at: https://investors.nytco.com/press/press-releases/press-release-details/2019/The-New-York-Times-Company-Reports-2019-Third-Quarter-Results/default.aspx

Back To Top
×Close search
Search