The New York Times Company announced that it now has over 10 million subscribers, as of the third quarter. The company added 210,000 net digital-only subscribers in the three months through September, bringing its total digital-only subscribers to 9.41 million, along with 670,000 print subscribers. Additionally, nearly 3.8 million of the 9.41 million digital-only subscribers are subscribed to at least two product offerings. The Times’s president and CEO, Meredith Kopit Levien, noted that the company's "multiproduct bundle" is performing well and contributing to the goal of building a larger and more profitable company.
The company reported an adjusted operating profit of $89.8 million for the quarter, indicating a 30.1 percent increase from the previous year. Total revenue was $598.3 million, reflecting a 9.3 percent increase from the previous year. The Athletic, acquired by The Times Company earlier in the year for $550 million, reported an adjusted operating loss of $7.9 million for the quarter, showing improvement from the previous year.
Despite challenges in the advertising environment, The Times achieved a 6.7 percent year-over-year increase in digital ad revenue, totaling $75 million, with total advertising revenue up 6 percent to $117.1 million. However, the company has experienced a steady decline in print subscribers, losing 70,000 in the past year.
Looking ahead to the final quarter of the year, the company expects total subscription revenue to increase by 8 to 11 percent from a year ago, and a single-digit percentage increase in digital advertising revenue.