The New York Times Company reported a solid financial performance for the quarter and nine months ended September 30, 2024, with total revenues reaching $640.2 million, a 7.0% increase from $598.3 million in the same quarter of 2023. For the nine-month period, revenues totaled $1.86 billion, reflecting a 6.2% rise from $1.75 billion in the prior year. The growth was primarily driven by an increase in subscription revenues, which rose 8.3% to $453.3 million in Q3 2024, compared to $418.6 million in Q3 2023. Digital-only subscription revenues surged 14.2% to $322.2 million, while print subscription revenues decreased slightly by 3.8% to $131.1 million.
Operating profit for Q3 2024 was $76.7 million, a 20.7% increase from $63.6 million in Q3 2023. The nine-month operating profit also saw a significant rise, reaching $204.5 million, up 38.9% from $147.2 million in the same period last year. Net income for the quarter was $64.1 million, a 19.6% increase from $53.6 million in Q3 2023, while net income for the nine months was $170.1 million, a substantial 38.8% increase from $122.5 million in the prior year.
The company’s total assets increased to $2.76 billion as of September 30, 2024, up from $2.71 billion at the end of 2023. Cash and cash equivalents decreased to $204.6 million from $289.5 million, while short-term marketable securities rose significantly to $288.3 million from $162.1 million. Total stockholders’ equity also improved, reaching $1.85 billion, compared to $1.76 billion at the end of 2023.
The New York Times Company continues to focus on its digital strategy, adding approximately 260,000 net digital-only subscribers in Q3 2024, bringing the total to about 11.09 million subscribers. The company reported a total of 10.47 million digital-only subscribers, with a notable increase in average revenue per user (ARPU) to $9.45, up 1.8% year-over-year.
In terms of operational costs, total operating costs for Q3 2024 increased by 5.4% to $563.5 million, driven by higher journalism and subscriber servicing costs. The company also incurred $4.6 million in litigation-related costs associated with a lawsuit against Microsoft and OpenAI during the quarter.
The New York Times Company remains committed to its share repurchase program, having repurchased approximately $209.8 million worth of shares as of September 30, 2024, with $190.2 million remaining under the 2023 authorization. The company continues to maintain a strong financial position, with no borrowings under its $350 million revolving credit facility.
About NEW YORK TIMES CO
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