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Digital advertising revenue rose 20%, while the company reported $2.4 million in costs related to its OpenAI trial.
The New York Times surpassed 12 million subscribers for the first time in the third quarter of the year after adding 460,000 digital-only subscribers, moving closer to its goal of 15 million subscribers by 2027.
The company saw its total subscription revenue increase 9.1% to $494.6 million, while its digital-only revenue increased 14% to $367.4 million. The latter was boosted by its bundles, which offer the newspaper in addition to services such as Games, Cooking and the Athletic, which the company said helped offset declines in news-only subscriptions. His total number of subscribers was 12.33 million.
Its digital advertising revenue increased 20.3% after seeing strong demand from advertisers and a new ad supply. It also acknowledged a pre-tax cost of $2.4 million related to its ongoing copyright infringement lawsuit against OpenAI and Microsoft.
“The third quarter was another excellent quarter across the board for The Times, and our results demonstrate that our strategy is working as intended,” Meredith Kopit Levien, CEO of The New York Times Co., said in a statement. “We have seen strong revenue growth and are generating strong free cash flow. We are confident in our ability to grow the number of people who use and deeply engage with The Times.
This means becoming more essential to even more people. And in doing so, we hope to bring more value to shareholders and society.
Net income: $81.6 billion, up 27.3% year-over-year, compared to $64.1 billion a year ago.
Earnings per share: Diluted earnings per share of 50 cents. Excluding certain items, adjusted EPS came to 59 cents per share, compared to 53 cents per share expected by analysts surveyed by Yahoo Finance.
Total income: $700.8 million, up 9.5% year-on-year, compared to $692 million expected by analysts surveyed by Yahoo Finance.
While the paper saw its digital subscribers and average revenue per user climb (3.6% to $9.79 per user), its print offerings took another hit as subscribers moved online. Print subscription revenue decreased 3% to $127.2 million, primarily due to a decline in domestic home delivery and a decrease in single copy sales.
The company said it has $1.1 billion in liquidity. He said part of his net cash in the first nine months was due to lower cash tax payments due to Donald Trump’s One Big Beautiful Bill Act.
During the company’s investor call, Levien touted the newspaper’s approach to video, including its new “Watch” tab in the Times app. The company has turned most of its audio podcasts into video podcasts, she said, and is integrating video into Cooking (via instructional videos) and Athletic (by incorporating NFL game footage).
Levien also touted the company’s use of AI. She said more subscribers are using The Times’ Automated Voice feature to listen to its stories, and the paper is using AI to improve its targeted marketing tactics. AI also powers features like metric conversion for Cooking and Wirecutter, she said.
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