The New York Times Company Reports First-Quarter 2023 Results

The New York Times Company (NYSE: NYT) announced today first quarter 2023 diluted earnings per share of $.13 compared with $.03 in the same period of 2022. Adjusted diluted earnings per share (defined below) was $.19 in the first quarter of 2023 compared with $.21 in the first quarter of 2022.

Operating profit increased to $27.9 million in the first quarter of 2023 from $6.3 million in the same period of 2022 as the impact of acquisition-related charges taken in the prior year and higher digital subscription and other revenues were partially offset by higher operating costs and lower advertising revenues.

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead. We crossed 3 million bundle and multi-product subscribers in the quarter and hit a number of new records for bundle uptake; drove continued, sequential ARPU expansion as we fully applied our value-based pricing strategy; enjoyed the strongest enterprise-wide subscriber engagement we’ve seen in more than a year; and slowed cost growth for the third consecutive quarter through disciplined cost management.

“We added 190,000 net new digital subscribers, bringing our total to more than 9.7 million. While advertising continues to experience near-term, cyclical challenges, our bundle strategy is gaining momentum, engagement metrics are strong, pricing initiatives are taking hold and we are slowing cost growth.

“Our strategy was purpose-built to give us multiple growth levers, and we are confident that we are on the path to becoming a larger and more profitable company.”
details at: https://s23.q4cdn.com/152113917/files/doc_news/2023/NYT-Press-Release-Q1-2023-Final-vTLac3c.pdf

Related Posts

USPS Calls for Postal Reform, New Pricing System for Declining Volumes

"Our financial situation is serious, though solvable,” says Postmaster General and CEO Megan J. Brennan. “There is a path to profitability and long-term financial stability. We are taking actions to control costs and compete effectively for revenues in addition to legislative and regulatory reform. We continue to optimize our network, enhance our products and services, and invest to better serve the American public." Brennan stressed that the path forward for a financially stable future must also include urgent actions needed outside of the Postal Service's control. They include advancement and passage of the postal reform provisions contained in H.R. 756 in the 115th Congress and the adoption by the Postal Regulatory Commission of a new pricing system as part of its 10-year pricing review, enabling the Postal Service to generate sufficient revenues to cover our costs. Click Read More below for additional information.

Postal Service Reform Act Resoundingly Passes Senate; Onto President’s Desk

I'm excited to report the Senate passed the Postal Service Reform Act tonight, with a strong bipartisan vote of 79-19. The legislation marks the most significant overhaul to the USPS' operations since the Postal Accountability and Enhancement Act (PAEA), signed in 2006. The Postal Service Reform Act now heads to the desk of President Biden, who has previously indicated he will sign it. On behalf of ACMA, I would like to thank our members and others for your continuous advocacy and engagement efforts both in the House and Senate. At this critical juncture in Washington, the legislation would not have passed but for engagement from the industry and stakeholders. We worked diligently with other industry groups to engage you and others in the mailing community and you stepped up. Here are some highlights of the bill: • ends the requirement (from PAEA) that the Postal Service prefund retiree health care expenses and requires postal retirees to enroll in Medicare; • retains six-day delivery for mail and packages; and • requires the Postal Service to develop a service performance dashboard

Postal Reform Legislation Advances in US House: What’s Next? (piworld.com)

On May 13, 2021, the House Oversight and Government Reform Committee approved two separate but related bills addressing USPS finances and operations. The first, the bipartisan Postal Service Reform Act of 2021 (H.R. 3076 (PDF)), was approved by voice vote, making it now eligible for a floor vote in the US House of Representatives. The bill was introduced two days prior to committee consideration following a painstaking effort to craft a bipartisan document. Lead sponsors were Committee Chair Rep. Carolyn Maloney (D-NY) and Ranking Member Rep. James Comer (R-KY) along with original co-sponsors Government Operations Subcommittee Chair Rep. Gerry Connolly (D-VA) and Ranking Member Rep. Virginia Foxx (R-NC). The bill was approved by the committee without amendment or any audible dissension, and included bipartisan agreed upon elements such as: codifying six-day delivery, requiring postal employees to enroll in Medicare at eligibility age, and elimination of the requirement that USPS pre-fund its retiree health benefits for 75 years into the future.
Back To Top
×Close search
Search