New York Times revenue jumps 9.7% from subscriptions and ads
NEW YORK - The New York Times Co. on Aug 6 reported strong advertising and subscription revenue growth in the second quarter, adding 230,000 paid digital-only subscribers.
The Times now has 11.88 million total subscribers to its print and digital products, which include the news report, Cooking, Games, the Wirecutter product review site and The Athletic, a sports news site. The company has said it aims to reach 15 million subscribers by the end of 2027.
A vast majority of its subscribers, 11.3 million, subscribe only to the company's digital products. The Times reported 580,000 print subscribers at the end of the second quarter, which ended June 30, down from 600,000 in the first quarter and 630,000 in 2024.
Total revenue for the second quarter increased 9.7 per cent from 2024, to US$685.9 million (S$882 million). Adjusted operating profit increased nearly 28 per cent, to US$133.8 million.
Subscription revenue increased 9.6 per cent year over year, to US$481.4 million. Total advertising revenue increased 12.4 per cent, to US$134 million. Digital advertising revenue rose 18.7 per cent, to US$94.4 million, beating the company's estimates, because of strong demand in areas like games and sports.
Another revenue stream for the Times – affiliate referral and licensing, mostly from Wirecutter – increased 5.8 per cent year over year to US$70.5 million.
Operating costs increased 6.2 per cent, to US$579.3 million. That included US$3.5 million in pretax legal costs for an active lawsuit against Microsoft and OpenAI over the use of the news organization's content to train generative artificial intelligence.
In May, the Times announced an AI licensing deal with Amazon for the use of its editorial content. The terms were not disclosed.
The Times breaks out earnings results for The Athletic, which it bought in 2022 for US$550 million, but it will stop doing that when it reports third-quarter results, it said. The Athletic reported an adjusted operating profit of US$5.8 million, up from a loss of US$2.4 million in the second quarter of 2024. That increase was due to higher revenue from subscriptions, advertising and licensing.
The Times Co. had US$951.1 million in cash and marketable securities at the end of June, according to the news release announcing the quarterly results.
'We grew all of our major revenue lines, and we're generating significant free cash flow,' Ms Meredith Kopit Levien, the company's CEO, said in a statement.
The Times forecast that digital subscription revenue would rise 13 per cent to 16 per cent in the third quarter of 2025, with an increase in the low double-digits for digital advertising revenue. NYTIMES
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
2 hours ago
- Business Times
Azalea's Astrea 9 bonds over 3 times subscribed, draw more than S$3.4 billion in demand
[SINGAPORE] Investor demand for the latest Astrea private equity (PE) bonds has surged, with total subscriptions surpassing S$3.4 billion across all three classes – 3.4 times the total US$780 million (S$1 billion) issued under both the public and placement tranches. In a statement on Thursday (Aug 7), fund manager Azalea Investment Management – which offered the Astra 9 bonds – described it as its largest retail orderbook to date, underscoring strong investor confidence in the platform's track record and credit quality. The public offers for Class A-1 and Class A-2 bonds alone drew over S$1.5 billion in valid applications – 3.5 times the combined S$380 million and US$50 million offered. To meet growing demand from individual investors, Azalea increased the retail tranche in Astrea 9 by 37 per cent compared to the previous issuance, Astrea 8. For the Singapore dollar-denominated Class A-1 bonds, Azalea received S$1.2 billion in valid applications from 34,969 applicants, with more than 82 per cent of the bonds allocated to those who applied for S$50,000 or less. The US dollar-denominated Class A-2 bonds saw US$280 million in valid applications from 12,592 applicants, with close to 80 per cent of the bonds allocated to those who applied for US$50,000 or less. 'We are truly heartened by the overwhelming response to the Astrea 9 public offers, which resulted in the largest retail orderbook we have seen to date,' said Chue En Yaw, chief executive officer and chief investment officer of Azalea. 'With the expanded size of the public offers, our aim was to meet growing retail demand for Astrea PE Bonds – and we are encouraged by the strong participation from investors.' Azalea also stepped up investor outreach with explainer videos, seminars and a hybrid session held on Aug 4 to help retail investors better understand the offering. More retail engagement is planned through its annual Astrea Investor Day. The bonds will begin trading on the Singapore Exchange on Aug 11, 9 am.
Straits Times
2 hours ago
- Straits Times
Russia and India talk up ‘strategic partnership' after Trump tariff hike
Sign up now: Get ST's newsletters delivered to your inbox Indian national security adviser Ajit Doval was quoted as saying that New Delhi was looking forward to a visit from President Vladimir Putin by the end of the year. MOSCOW/NEW DELHI - Russia and India stressed their commitment to a 'strategic partnership' in bilateral security talks in Moscow on Aug 7, a day after US President Donald Trump announced higher tariffs on imports from India because of its purchases of Russian oil. Interfax news agency quoted Indian national security adviser Ajit Doval as saying that New Delhi was looking forward to a visit from President Vladimir Putin by the end of the year. At Mr Doval's meeting with Mr Sergei Shoigu, secretary of Russia's Security Council, both sides emphasised the importance of the countries' relations. Mr Trump's imposition of an additional 25 per cent tariff on goods from India, coming into force on Aug 28, signals the most serious downturn in US-India relations since his return to office in January, threatening to disrupt India's access to its largest export market. 'We are committed to further active cooperation in order to form a new, more just and sustainable world order, ensure the supremacy of international law, and jointly combat modern challenges and threats,' Mr Shoigu told Mr Doval in televised comments. Interfax quoted Mr Doval as saying: 'We have now established very good relations, which we value very much, a strategic partnership between our countries'. India and China have become the top buyers of Russian seaborne crude oil since Moscow launched its full-scale invasion of Ukraine in February 2022, precipitating Western efforts to choke the Russian economy. Top stories Swipe. Select. Stay informed. Singapore Liquor licences for F&B, nightlife venues extended to 4am in Boat Quay, Clarke Quay Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds Singapore CDC, SG60 vouchers listed on e-commerce platforms will be taken down: CDC Singapore Fine for man who damaged PAP campaign materials on GE2025 Polling Day Singapore Jail for driver who drove over leg of special needs woman in accident on church driveway Singapore Wastewater overflow in Bedok and Chai Chee due to choked sewer at BTO worksite: PUB Singapore Ex-Hyflux director fined over firm's failure to disclose Tuaspring info Business S'pore firm looks to buy SMEs lacking successors, launches CEO training programme to foster renewal Mr Trump had threatened measures against countries buying Russian oil before he announced the new tariff on Indian goods, which raised the total duty to 50 per cent. On Aug 5, the Kremlin accused the United States of exerting illegal trade pressure on New Delhi, saying India has the right to trade with whomever it chooses. India's state refiners have stopped Russian oil purchases as the discounts narrowed and Mr Trump warned countries not to buy Moscow's oil, industry sources said. Private refiners Reliance Industries and Nayara are Russia's top oil clients in India, trade data shows. An Indian official familiar with the matter said Mr Doval would discuss India's purchases of Russian crude during his visit to Moscow. He was also expected to discuss India's defence collaboration with Russia, the official said. India signed a US$5.5 billion (S$7 billion) deal with Russia in 2018 for five S-400 Triumf long-range surface-to-air missile systems, which New Delhi says it needs to counter a threat from China. But deliveries of the systems have been delayed several times. Moscow is expected to deliver units of the final two S-400 systems to India in 2026 and 2027. New Delhi has traditionally relied heavily on arms imports from Russia, although it has dramatically reduced those imports and shifted to Western buyers in recent years. REUTERS
Business Times
3 hours ago
- Business Times
Keppel raises S$6.3 billion in private funds for education and data centre assets
[SINGAPORE] Keppel has secured S$6.3 billion in funds under management so far this year for its private fund strategies, including education assets and data centres, the global asset manager and operator said on Thursday (Aug 7). The company said the raising includes around S$907 million in capital commitments from global institutional investors for its Keppel Education Asset Fund II and Keppel Data Centre Fund III. The company aims to oversee US$150 billion of funds by 2030. Christina Tan, CEO of fund management and also its chief investment officer said, 'Keppel's private funds continue to attract robust investor interest, underscoring the strength of our platform and the appeal of strategies aligned with transformative megatrends'. The Singapore-based asset manager last week reported net profit of S$431 million for the six months ended June, while also announcing a S$500 million buyback programme. REUTERS
