New York Times beat estimates for first-quarter revenue and profit on Wednesday, as its bundled content offering attracted more subscribers to its website and app ahead of major sports events and the 2024 U.S. presidential elections.
Reuters reports the publisher of the New York Times newspaper has focused more on bundling its core news with other content ranging from podcasts to cooking recipes and games to attract readers and drive revenue growth.
The company reported revenue of $594 million, compared with analysts' estimates of $591.9 million, according to LSEG data. On an adjusted basis, it earned 31 cents per share, compared with the estimates of 20 cents.
The company, however, added 210,000 digital-only subscribers in the first quarter, compared with 300,000 in the preceding three months.
Total advertising revenue for the quarter fell 2.4% to $103.7 million, despite a near 3% rise in digital ad sales, its biggest revenue generator.
Its sports-focused Athletic publication, however, reported a 33% jump in total revenue and an 18% rise in subscription revenue ahead of the Paris Olympics.
Marketers are moving away from print and towards digital and sports advertising to capture a younger and larger audience. New York Times reported a drop of about 10% in print advertising revenue and a 2% drop in subscription revenue for the business.
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