New York Times (NYT) Q1 Earnings & Revenues Top Estimates
Zacks Investment Research | May 05, 2021 11:17PM ET
The New York Times Company industry ’s rally of 17.2%.
Subscription revenues improved 15.3% to $329.1 million mainly on an increase in the number of subscriptions to the company’s digital-only products, which include news, Games, Cooking and Audm products. Additionally, gains from subscriptions from higher prices of introductory promotional pricing aided subscription revenues. Revenues from digital-only products jumped 38.1% to $179.6 million.
Print subscription revenues fell 3.8% to $149.5 million on account of a decline in single-copy and bulk sales revenues. Revenues from domestic home delivery subscription products rose 0.5% in the quarter under review.
The company ended the reported quarter with approximately 7,816,000 subscriptions across its print and digital products. Management notified that the number of paid digital-only subscribers reached roughly 6,991,000 at the end of the first quarter, rising 301,000 sequentially and 1,990,000 year over year. Of the 301,000 total net additions, 167,000 came from the digital news product, whereas the remaining came from Cooking, Games and Audm products.
Management projects second-quarter 2021 total subscription revenues growth of about 15%, while digital-only subscription revenues are projected to rise 30%.
h3 Advertising Revenues Still Soft/h3Total advertising revenues were $97.1 million in the reported quarter, down 8.5% year over year. In the preceding quarter, total advertising revenues slumped 18.7%. Total advertising revenues in the second quarter of 2021 are projected to increase about 55-60%.
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