New York Times Q4 Earnings: Net Income Rises to $123.7 Million
NEW YORK, April 14, 2023 (AP) - The New York Times Company (NYT) announced its financial results for the fourth quarter and full year 2022.
Q4 Highlights:
* Net income: $123.7 million
* Earnings per share (EPS): $0.75
* Adjusted EPS: $0.80
* Revenue: $726.6 million
Full-Year Results:
* Net income: $293.8 million
* EPS: $1.77
* Revenue: $2.59 billion
The company's net income surged by 14.6% in the fourth quarter compared to the same period last year, driven by strong subscription growth and cost-cutting measures. Adjusted EPS also beat analysts' estimates by 5 cents.
Revenue for the quarter increased slightly by 1.5% year-over-year, with gains in digital advertising and subscription revenue offset by declines in print advertising.
The New York Times remains committed to investing in its digital presence and expanding its subscriber base. The company's digital revenue now accounts for over 70% of its total revenue.
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