- The New York Times Co. (NYSE:NYT) is 1.7% higher after another earnings beat in Q1, with growing profits off revenues that were boosted by continued subscription growth.
- Operating profit was flat and adjusted operating profit declined slightly amid higher operating costs. The company saw lower interest expense thanks to higher interest income from cash and marketable securities.
- Subscription revenues grew 3.9%, to $270.8M, while ad revenues dipped 0.4% to $125.1M.
- The company added 223,000 net new digital-only subscriptions (144,000 to core news) to reach a total of 4.5M subs.
- Liquidity was $808.8M at quarter's end.
- For Q2, it expects subscription revenues to grow in low to mid-single digits, with digital-only sub revenues up in the mid-teens. As before it sees seasonally slower growth in the number of paid digital-only subs.
- Meanwhile overall ad revenues should be flat (digital ads up in the mid-teens), and other revenues up 35%. Operating costs should rise 8-10% as the company keeps investing in drivers of digital sub growth.
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Conference call to come at 11 a.m. ET.
- Previously: New York Times beats by $0.08, beats on revenue (May. 08 2019)
- Press release