“The New York Times” profit drops 24.6% in the second quarter of 2023

The New York Times Company’s net income fell 24.6% in Q2 2023 compared to the same period last year. The American media company, which publishes the newspaper New York Times, earned $46.5 million while Q2 2022 earnings were $61.7 million.

The company’s operating profit in the quarter was US$ 55.7 million – an increase of 9.4% compared to last year, when it reached US$ 51.6 million. The data are contained in the financial statement released by the company this Tuesday (8.Aug.2023). Here is the full text (929 KB, in English).

According to the document, the company’s revenue was US$ 590.8 million, from April to June of this year, an increase of 6.3% compared to the same period in 2022, when it registered US$ 555.6 million.

Most of the revenue came from revenue earned through digital and print subscriptions. In the 2nd quarter of 2023, it was US$ 409.5 million – an increase of 6.8% compared to the same period of 2022. Advertising revenue was US$ 117.7 million.

The company gained 180,000 digital subscribers. The growth brought the total number of subscribers to 9.8 million, with 690,000 print subscribers receiving the paper version of the newspaper New York Times or the Book Review and Large Type Weekly products—a weekly summary printed in a large font for easy reading.

Already 9.1 million are digital subscribers, with 3.3 million subscribers only to the online version of the newspaper New York Times.

In the category, another 3.3 million subscribe to the company’s digital subscription package, which includes access to the news product, to the The Athletic –sports news site acquired in 2022– and the Cooking, Games, Wirecutter apps. Finally, 2.5 million have only one subscription to the The Athletic or to one of apps.