New York Times recorded a revenue of $473.0 million in Q121, a 6.6% jump from the Q120, according to the company’s press release. For the core news offering, the company added 167,000 new subscribers, the slowest growth since Q219.
New York Times added 301,000 digital subscriptions, including lower-cost digital offerings such as gaming and cooking apps.
Subscription revenue surged 15.3% to $329.1 million in the first quarter.
Digital advertising revenue recovered from a slump in Q420 to generate $59.5 million, a 16.3% growth.
Print advertising plunged 31.6% to a revenue of $37.6 million on impacts of Covid-19 pandemic.
New York Times overall ad revenue fell 8.5% but is projected to rise 55%-60% year over year.
Net income was $41.1 million, up 25.1% from $32.9 million a year ago.
Times ended Q1 with almost 7.82 million digital and print subscribers.
Digital advertising revenue is expected to increase between 70%-75% in the second quarter year over year.
The company projects a continuation of moderated growth in the second quarter.
Annual subscriber additions are projected to be in the range of 2019’s performance, when Times added more than one million subscribers.
New York Times stock is currently declining. NYT: NYSE is down 4.97%
