New York Times' slower subscriber growth in busy news cycle sparks share selloff
NYT•Advertising revenue beats estimates
Total advertising revenue rose by 11.3% to $149.1 million, beating an estimate of $146.4 million.
Revenue outlook and sports strategy
The slower second-quarter subscriber growth came even after it had dropped its paywall for all FIFA World Cup coverage on The Athletic and introduced new coverage formats, helping the sports website draw its "biggest audiences ever."
NYT also said it expects digital-only subscription revenue to slow to between 12% and 15% in the third quarter, the mid-point of which was below the estimate of 14.2%.
Looking ahead, Kopit Levien said she expects the advances made in its sports coverage to power success in the NFL season and that video was a "long-term opportunity," even though it was playing a relatively minor role in the ad growth so far.
The New York Times' flagship app features a TikTok-style vertical video feed in its Watch tab, complemented by a Shows section that offers the company's longer-form, episodic video series for on-demand viewing.
