New York Times beats quarterly revenue estimates
The 170-year-old newspaper has become a beacon for the industry by successfully shifting to a subscription-first business model that has made up for steep declines in advertising and print readership
The New York Times Co surpassed fourth-quarter revenue estimates on Wednesday, benefiting from an influx of digital subscribers consuming news around the holiday season and the Omicron variant.
The 170-year-old newspaper has become a beacon for the industry by successfully shifting to a subscription-first business model that has made up for steep declines in advertising and print readership.
Its digital subscriber base swelled by more than a million last year as people read up on the Afghanistan crisis and the still-raging pandemic and turned to its rich library of games and cooking recipes.
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In the last three months of 2021, The Times added 375,000 digital subscribers.
That brought the Gray Lady closer to its target of 10 million subscribers by 2025, a goal it hopes would be help achieved by its purchase of popular daily word puzzle Wordle and the $550 million acquisition of sports website The Athletic.
Total revenue rose 16.7% to $594.2 million in the quarter, compared with the average analyst estimate of $578.9 million, according to Refinitiv data.
Net income attributable to common stockholders rose to $69,889, or 41 cents per share, from $10,009, or 6 cents per share, a year earlier.
