New York Times posts slower digital subscriber growth, shares slump
NYT•Subscriber and revenue details
The Times added about 280,000 net digital-only subscribers in the second quarter, compared with analysts' average estimate of 295,300, according to data compiled by Visible Alpha.
NYT had added 310,000 digital-only subscribers in the previous quarter.
The company expects digital-only subscription revenue of 12% to 15%, the mid-point of which was below the estimate of 14.2%.
Total advertising revenue rose by 11.3% to $149.1 million, beating an estimate of $146.4 million.
Slower digital subscriber growth and weaker outlook weigh on shares
Aug. 5 (Reuters) - The New York Times reported slower digital subscriber growth for the second quarter on Wednesday and issued a lackluster digital subscription revenue forecast, sending its shares down more than 8% in premarket trading.
Publishers are operating in a crowded market, where big tech firms and AI platforms impact search and referral traffic, while trust in news is shrinking.
Media outlets such as Axios, CNN and The Verge are jostling to gain more readership in a busy news cycle, putting pressure on publishers such as NYT to gain market share.
NYT has been bundling its news offerings with lifestyle-focused products such as Wirecutter, sports website The Athletic and games including Wordle, as it looks to enhance value for subscribers.
