New York Times Q1 Earnings: Revenue Beat, EPS Beat, Business Is Showing 'Resilience' Amid 'Uncertainty'
New York Times Co (NYSE:NYT) reported financial results for the first quarter before the market open on Wednesday. Here’s a rundown of the report.
Q1 Earnings: New York Times reported first-quarter revenue of $636 million, beating analyst estimates of $634.83 million, according to Benzinga Pro. The company reported first-quarter adjusted earnings of 41 cents per share, beating estimates of 34 cents per share.
Total revenue was up 7.1% on a year-over-year basis. Here’s a breakdown of revenue by category.
- Subscription revenue: $464.3 million, up 8.2%
- Advertising revenue: $108.1 million, up 4.2%
- Affiliate, Licensing and Other revenue: $63.6 million, up 3.7%
New York Times ended the period with approximately 11.66 million subscribers to print and digital products. 11.06 million of those subscribers were digital-only subscribers, which includes 5.76 million bundle and multi product subscribers. Total digital-only subscribers were up 1.15 million from the prior year’s quarter. Average revenue per user (ARPU) was $9.54 in the first quarter, up 3.6% year-over-year.
The company ended the quarter with $902.3 million in cash and marketable securities.
“As our first quarter results show, we’ve had a strong start to the year. Our strategy is working and our business is growing and demonstrating resilience amidst the current economic and geopolitical uncertainty,” said Meredith Kopit Levien, president and CEO of New York Times.
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New York Times repurchased approximately $58.9 million of its common stock in the quarter. The company had $443 million remaining under its buyback as of May 2.
Guidance: New York Times expects second-quarter digital-only subscription revenue to grow between 13% and 16% year-over-year. The company expects total subscription revenue growth of 8% to 10% in the second quarter.
Digital advertising revenue is expected to increase in the high-single-digits, while total advertising revenue is expected to be flat to up in the low-single-digits. The company also guided for affiliate, licensing and other revenue growth in the mid-single-digits in the second quarter.
NYT Price Action: New York Times shares were down 1.1% at $52.02 at the time of publication Wednesday, according to Benzinga Pro.
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