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| New York Times Reports Strong Quarter on Digital Revenue Growth | New York Times Reports Strong Quarter on Digital Revenue Growth |
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| Robust digital growth powered The New York Times Company to one of its strongest quarters in recent years, as rising digital advertising revenue and new online subscriptions offset continued declines in print advertising. | Robust digital growth powered The New York Times Company to one of its strongest quarters in recent years, as rising digital advertising revenue and new online subscriptions offset continued declines in print advertising. |
| The company said on Thursday that digital advertising revenue in the second quarter rose 23 percent, to $55 million. That represents nearly 42 percent of total advertising revenue, compared with 34 percent in the same quarter last year. | The company said on Thursday that digital advertising revenue in the second quarter rose 23 percent, to $55 million. That represents nearly 42 percent of total advertising revenue, compared with 34 percent in the same quarter last year. |
| The company also added 93,000 net digital-only subscriptions for its news products, driving revenue in that category to $83 million, a 46 percent increase over the same period a year ago. | |
| Including subscriptions for its crossword product, The Times has more than 2.3 million total digital-only subscriptions. | Including subscriptions for its crossword product, The Times has more than 2.3 million total digital-only subscriptions. |
| Print advertising remained a challenge, as it has across the industry. Revenue in that category fell 11 percent in the quarter, to $77 million. But total advertising revenue, bolstered by strong growth on the digital side, bucked an industry trend and grew slightly, to $132 million, from $131 million in the same quarter last year. | Print advertising remained a challenge, as it has across the industry. Revenue in that category fell 11 percent in the quarter, to $77 million. But total advertising revenue, bolstered by strong growth on the digital side, bucked an industry trend and grew slightly, to $132 million, from $131 million in the same quarter last year. |
| The company brought in $407 million in revenue for the quarter, which ended in late June, an increase of 9 percent over the same period in 2016. | The company brought in $407 million in revenue for the quarter, which ended in late June, an increase of 9 percent over the same period in 2016. |
| “We believe that more and more people are prepared to pay for high quality in-depth journalism that helps them make sense of the world,” Mark Thompson, the chief executive of The Times, said in a statement. | “We believe that more and more people are prepared to pay for high quality in-depth journalism that helps them make sense of the world,” Mark Thompson, the chief executive of The Times, said in a statement. |
| The buoyant financial results were announced at a time of fundamental change and deep anxiety in the newsroom as The Times restructures its news operations. Within weeks, The Times will eliminate its stand-alone copy desk as it streamlines its editing ranks, a decision that provoked a strong reaction among employees. Copy editors and reporters sent angry letters to newsroom leaders, and hundreds of Times employees staged a protest last month outside the company’s headquarters in Manhattan. | The buoyant financial results were announced at a time of fundamental change and deep anxiety in the newsroom as The Times restructures its news operations. Within weeks, The Times will eliminate its stand-alone copy desk as it streamlines its editing ranks, a decision that provoked a strong reaction among employees. Copy editors and reporters sent angry letters to newsroom leaders, and hundreds of Times employees staged a protest last month outside the company’s headquarters in Manhattan. |
| A recent round of buyouts will lead to the departure of dozens of employees, even as new workers with different skills are hired, altering the character of the newsroom. And many journalists are preparing to move to different work areas amid an often disruptive construction project, as the company prepares to shrink its footprint at its offices and rent out additional floors. | A recent round of buyouts will lead to the departure of dozens of employees, even as new workers with different skills are hired, altering the character of the newsroom. And many journalists are preparing to move to different work areas amid an often disruptive construction project, as the company prepares to shrink its footprint at its offices and rent out additional floors. |
| The company’s second-quarter earnings provided an encouraging counterpoint. | The company’s second-quarter earnings provided an encouraging counterpoint. |
| Operating profit increased to $28 million, from $9 million in the same quarter last year. Adjusted operating profit grew to $67 million, from $55 million. Net income was about $16 million, compared with a net loss of roughly $500,000 in the same period a year ago. | Operating profit increased to $28 million, from $9 million in the same quarter last year. Adjusted operating profit grew to $67 million, from $55 million. Net income was about $16 million, compared with a net loss of roughly $500,000 in the same period a year ago. |
| Total subscription revenue increased 14 percent, to $250 million. | Total subscription revenue increased 14 percent, to $250 million. |
| Another notable bright spot: For the first time, digital-only subscription revenue ($83 million) exceeded print advertising revenue ($77 million). | Another notable bright spot: For the first time, digital-only subscription revenue ($83 million) exceeded print advertising revenue ($77 million). |