NYSE$NYT
The New York Times Co · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
The New York Times Company reported strong Q3 2023 results, driven by digital subscriber growth and effective cost management.
The New York Times Company announced positive third-quarter 2023 results, marked by a substantial increase in total subscribers, exceeding 10 million, driven by bundle and multi-product offerings. Digital-only ARPU growth, coupled with robust digital subscription revenues, contributed to a 9.3% increase in total revenues. Strategic investments in journalism and product development drove adjusted operating costs up, while operating profit saw a significant year-over-year increase due to revenue growth and cost management.
- Total subscribers surpassed 10 million, with approximately 210,000 net digital-only subscribers added.
- Digital-only ARPU increased to $9.28, marking the fifth consecutive quarter of growth.
- Digital subscription revenues grew by 15.7% year-over-year.
- Advertising revenues increased by 6.0% year-over-year, driven by digital advertising.
Headline financials
Revenue & EPS history
NYT · Revenue · Quarterly
$598M
Revenue by segment
NYT · $399M total across 3 segments · Q3 2023
- Digital-only subscription$282M+15.7%70.7%
- Digital advertising$75M+6.7%18.8%
- Print advertising$42.1M+4.8%10.5%
Forward guidance
The company provided guidance for the fourth quarter of 2023, anticipating revenue increases in digital-only and total subscriptions but expects a decrease or slight increase in advertising revenues. Adjusted operating costs are projected to remain relatively stable.
Tailwinds
- Digital-only subscription revenues are expected to increase by 6-9% (or 13-16% on an adjusted basis).
- Total subscription revenues are expected to increase by 2-5% (or 8-11% on an adjusted basis).
- Digital advertising revenues are expected to decrease low-single-digits to increase mid-single digits (or increase low-to-high-single-digits on an adjusted basis).
- Total advertising revenues are expected to decrease mid-single-digits to increase low-single-digits (or decrease low-single-digits to increase mid-single-digits on an adjusted basis).
- Other revenue is expected to decrease low-single-digits to increase low-single-digits (or increase low-to-mid-single-digits on an adjusted basis).
Headwinds
- The fourth quarter of 2022 included an additional six days due to a change in the company's fiscal calendar, affecting year-over-year comparisons.
- Guidance is complex due to the need to adjust for the extra week in the previous year.
- The company expects approximately $80 million in depreciation and amortization on a pre-tax basis.
- The company expects approximately $20 million in interest income and other, net on a pre-tax basis.
- The company expects approximately $35 million in capital expenditures.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
-0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.8%
Avg return
30 days after
43%
29 / 68 earnings
Positive
+17.1%
Q1 2017
Best reaction
-23.1%
Q3 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.8% | +0.0% | -0.5% | |
| Q4 2025 | -6.3% | -4.9% | +11.4% | |
| Q3 2025 | -0.3% | +8.4% | +12.1% | |
| Q1 2025 | -0.1% | +3.0% | +6.0% | |
| Q4 2024 | -11.9% | -11.9% | -11.9% | |
| Q3 2024 | -6.3% | -1.0% | -3.9% | |
| Q2 2024 | +3.0% | +3.3% | +1.6% | |
| Q1 2024 | +3.8% | +3.9% | +8.7% | |
| Q4 2023 | -9.9% | -8.7% | -10.8% | |
| Q3 2023 | +3.6% | +4.4% | +12.2% | |
| Q2 2023 | +7.5% | +8.6% | +9.3% | |
| Q1 2023 | -7.7% | -6.5% | -6.0% | |
| Q4 2022 | +9.3% | +7.4% | -0.6% | |
| Q3 2022 | +12.5% | +16.2% | +21.5% | |
| Q2 2022 | -0.9% | -0.5% | -1.6% | |
| Q1 2022 | -7.8% | -13.8% | -11.8% | |
| Q4 2021 | +0.8% | -1.4% | +11.5% | |
| Q3 2021 | -8.2% | -11.4% | -14.9% | |
| Q2 2021 | +8.6% | +9.8% | +19.7% | |
| Q1 2021 | -1.2% | -0.2% | -6.8% | |
| Q4 2020 | -0.6% | -2.7% | -0.8% | |
| Q3 2020 | -4.6% | -7.6% | +14.0% | |
| Q2 2020 | -0.7% | -4.9% | -7.4% | |
| Q1 2020 | +5.2% | +8.2% | +24.3% | |
| Q4 2019 | +9.4% | +13.0% | +9.6% | |
| Q3 2019 | -5.4% | -2.3% | +1.3% | |
| Q2 2019 | -14.4% | -20.2% | -14.7% | |
| Q1 2019 | +5.9% | -0.5% | -1.1% | |
| Q4 2018 | +13.7% | +16.1% | +23.9% | |
| Q3 2018 | +5.4% | +2.0% | +1.6% | |
| Q2 2018 | -6.0% | -6.4% | -6.0% | |
| Q1 2018 | -0.9% | -0.9% | +0.0% | |
| Q4 2017 | +8.8% | +9.0% | +11.7% | |
| Q3 2017 | -6.5% | -9.4% | -2.4% | |
| Q2 2017 | +5.2% | +4.1% | -0.5% | |
| Q1 2017 | +17.1% | +18.9% | +23.1% | |
| Q4 2016 | +5.9% | +8.1% | +7.7% | |
| Q3 2016 | -0.9% | +1.8% | +17.4% | |
| Q2 2016 | +1.5% | -0.1% | +2.0% | |
| Q1 2016 | -4.3% | — | — | |
| Q4 2015 | -2.3% | — | — | |
| Q3 2015 | +1.8% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | +6.2% | — | — | |
| Q4 2014 | +9.2% | — | — | |
| Q3 2014 | -4.2% | — | — | |
| Q2 2014 | -9.3% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +4.2% | — | — | |
| Q3 2013 | -0.3% | — | — | |
| Q2 2013 | -2.1% | — | — | |
| Q1 2013 | -0.9% | — | — | |
| Q4 2012 | +5.2% | — | — | |
| Q3 2012 | -23.1% | — | — | |
| Q2 2012 | +9.3% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q2 2011 | +0.8% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2011 | -0.8% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q2 2010 | -7.3% | — | — | |
| Q4 2008 | -7.3% | — | — | |
| Q4 2010 | -7.3% | — | — | |
| Q3 2010 | +0.5% | — | — | |
| Q3 2009 | +0.5% | — | — | |
| Q2 2009 | -3.4% | — | — | |
| Q4 2009 | -3.4% | — | — |
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