The New York Times Co. (NYT) reported Q2 EPS of $0.24, $0.05 better than the analyst estimate of $0.19. Revenue for the quarter came in at $555.7 million versus the consensus estimate of $552.65 million.
Outlook:
Below is the Company’s guidance for revenue and operating costs for the third quarter of 2022 compared with the third quarter of 2021. For The New York Times Group and the consolidated company, the comparison is to the consolidated results in the third quarter of 2021, before The Athletic acquisition. The guidance on The Athletic reflects our estimate of the impact The Athletic will have on third quarter consolidated results.
| The New York Times Group | The Athletic (contribution to consolidated results) | The New York Times Company | |||||||||
| Digital-only subscription revenues | increase 10% - 14% | 10 - 12 percentage points (pp) | increase 21% - 25% | ||||||||
| Total subscription revenues | increase 5% - 7% | 5 - 7 pp | increase 11% - 13% | ||||||||
| Digital advertising revenues | decrease 4% - 8% | 5 - 7 pp | flat to decrease low-single digits | ||||||||
| Total advertising revenues | decrease low- to mid-single digits | 2 - 5 pp | flat to decrease low-single digits | ||||||||
| Other revenue | decrease approximately 5% | n/a | decrease approximately 5% | ||||||||
| Operating costs | n/a | n/a | increase 10% - 15% | ||||||||
| Adjusted operating costs | increase mid-single digits | approximately 7 - 9 pp | increase 9% - 13% | ||||||||