New York Times’ inventory slides 4% after income falls wanting estimates to offset revenue beat

Revenue rose to $676.2 million from $667.5 million a yr in the past however was slightly below the FactSet consensus of $680.0 million.

The firm added about 300,000 web digital-only subscribers within the interval in contrast with the prior quarter, whereas digital-only common income per consumer rose 3.5% to $9.24.

Total subscription income rose 3.9% to $430.4 million.

Total advert income fell 8.4% to $164.1 million, whereas digital advert income fell 3.7%. Other income rose 10%, boosted by power in licensing and referral revenues from Wirecutter, the corporate’s product evaluation web site.

Operating prices fell 4.8%, as a decrease value of income was partially offset by increased gross sales and advertising and product growth prices.

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Operating revenue margin was 19.1% and its adjusted working revenue margin was 22.8%, up about 160 foundation factors from a yr in the past.

The firm had complete subscribers of 10.4 million at quarter-end, up from 10.1 million within the third quarter. It had 9.7 million digital-only subscribers, up from 9.4 million on the finish of the third quarter.

Revenue at The Athletic, the sports activities web site the corporate acquired in January 2022, grew 31.3% to $38.5 million. Subscription income rose 14.3% to $26.9 million, whereas advert revenues rose to $9.9 million from $5.3 million a yr in the past.

The firm is now anticipating complete subscription income to rise 7% to 9% in 2024, and for digital-only subscription income to extend 11% to 14%.

The firm raised its quarterly dividend by 2 cents to 13 cents a share, with the brand new fee to be made April 18 to shareholders of report as of April 2. The inventory has gained 32% within the final 12 months, whereas the S&P 500
SPX,
+0.23%
has gained 19%.