NEW YORK — The New York Times Company reported earnings for the second quarter ending June 26, 2022.
Total revenues increased 11.5 percent to $555.7 million from $498.5 million in the second quarter of 2021. Subscription revenues increased 13.1 percent to $383.6 million, advertising revenues increased 4.1 percent to $117.4 million and other revenues increased 17.6 percent to $54.7 million. Net income for the quarter was $61.7 million.
The Company ended the second quarter of 2022 with approximately 9.17 million paid subscribers with
approximately 10.56 million paid subscriptions across its print and digital products. Of the 9.17 million
subscribers, approximately 8.41 million were paid digital-only subscribers with approximately 9.81 million paid digital-only subscriptions.
There was a net increase of 180,000 digital-only subscribers and 230,000 digital-only subscriptions
compared with the end of the first quarter of 2022. There was a net increase of 1,200,000 digital-only
subscribers and 1,480,000 digital-only subscriptions compared with the end of the second quarter of 2021, which excludes approximately 1,029,000 subscribers and 1,161,000 subscriptions that were added as a result of the acquisition of The Athletic in the first quarter of 2022. The Athletic had a net increase of 50,000 standalone subscribers in the quarter. In addition, late in the quarter the Company began giving its Bundle subscribers access to The Athletic, which added approximately 420,000 Subscribers with The Athletic. As a result, total growth in Subscribers with The Athletic was approximately 470,000 in the second quarter.
The company purchased sports site The Athletic earlier this year for $550 million in cash. The Athletic had $19.5 million in revenue for the second quarter and a loss of $12.6 million.
Meredith Kopit Levien, President and CEO of The New York Times Company, said, “Our
second quarter results demonstrate that we are making palpable progress on our strategy of becoming the essential subscription for every English-speaking person seeking to understand and engage with the world. In the quarter, we brought in 180,000 net digital-only subscribers, including the highest-ever number of new starts to our All Digital Access Bundle, and saw an approximately 70% increase in net digital-only subscriber additions relative to the second quarter of 2021.”
