The New York Times Company reported its third-quarter 2024 financial results on November 4, 2024, with net income reaching $64.1 million, or $0.39 per share, and adjusted earnings of $0.45 per share. Total revenue increased by 8.2% year-over-year to $640.2 million, though it slightly missed analysts' estimates of $640.8 million.
The company's digital-only subscription revenue continued to be a primary growth driver, boosted by subscriber gains and strong online advertising performance. Notably, The Athletic, the company's sports media operation, achieved its first adjusted profit in the quarter, marking a significant milestone since its acquisition.
Despite the overall growth, the company's stock experienced a decline following the earnings release, as analysts questioned promotional spending and the slight revenue miss. Management emphasized its preparedness for a range of scenarios, including the ongoing tech worker strike, as it navigates a dynamic media landscape.
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