New York Times Adds 455,000 Subscribers in Third Quarter

The Times also hit a milestone, passing one million subscribers outside the United States, the company said. Roughly 12 percent of its subscribers are international.

Ms. Levien attributed the gains in the quarter to “a busy news period,” as well as improved retention of subscribers and new initiatives meant to turn casual readers into paying customers.

The company reported adjusted operating profit of $65.1 million, a 15 percent increase over the same quarter a year ago, on $509.1 million of revenue, a 19.3 percent rise. Operating costs rose nearly as much, to $460.1 million, or 18.8 percent. Subscription revenues rose 13.8 percent, to $342.6 million, from last year.

After a down period last year, when the economy slowed at the onset of the coronavirus pandemic, many companies were once again buying ads for both the print newspaper and the Times site, lifting ad revenues by 40 percent, to $110.9 million. Compared with the third quarter of 2019, a more typical year, ad revenue was down 2.3 percent, however.

The Times Company’s balance sheet surpassed $1 billion in cash as it continued to build its free cash flow, a measure of financial health. The company has been conservative with its resources but pays a quarterly dividend to shareholders that costs $40 million annually.

Article source: https://www.nytimes.com/2021/11/03/business/media/new-york-times-3q-earnings.html