The New York Times (NYT) reported strong Q2 earnings with rising subscription revenues.

From Nasdaq: 2024-08-08 08:21:00

The New York Times Company exceeded expectations in second quarter 2024 with earnings per share of 45 cents, up from 38 cents last year, and total revenues of $625.1 million, up 5.8%. Digital subscribers grew by 300,000, with an ARPU of $9.34. Subscription revenues rose 7.3% to $439.3 million, while advertising revenues increased 1.2% to $119.2 million. Management projects a 7-9% increase in total subscription revenues for the third quarter. Adjusted operating costs rose 4.4% to $520.4 million, with an operating profit of $104.7 million, up 13.6%. The New York Times Group’s revenues grew 4.4% to $585.2 million, with subscription revenues up 6.5% to $410 million and advertising revenues down 0.2% to $112.1 million. The Athletic segment saw revenues of $40.5 million, up 33.4%. The company ended the quarter with cash and marketable securities of $724 million, with $9 million in capital expenditures and $9.5 million in stock repurchases. The stock has risen 22.9% in the past year. Looking ahead, better-ranked stocks for investors to consider include Datadog, Inc. DDOG, Twilio Inc. TWLO, and Meta Platforms, Inc. META, which offer strong growth potential and positive earnings surprises.



Read more at Nasdaq: NY Times (NYT) Q2 Earnings Top, Subscription Revenues Rise Y/Y