• New York Times Co (NYSE:NYT) reported third-quarter FY21 sales growth of 19.3% year-on-year, to $509.10 million, beating the analyst consensus of $499.13 million.
• Subscription revenues increased 13.8% to $342.6 million, and advertising revenues increased 39.9% to $110.9 million.
• Compared with the Q3 of 2019, total revenues increased 18.8%, as subscription revenues increased 28.2%, advertising revenues declined 2.3%.
• Total operating costs increased 18.8% to $460.1 million. The operating margin was 9.6%, and operating income for the quarter rose 23.7% to $48.97 million.
• Adjusted EPS of $0.23 beat the analyst consensus of $0.20.
• The company ended Q3 with approximately 8.38 million subscriptions across its print and digital products. Paid digital-only subscriptions totaled 7.58 million, a net increase of 455,000 subscriptions compared with the end of Q2 of 2021.
• The company's 455,000 net new digital subscriptions included 320,000 for News and 135,000 for Games, Cooking, and Wirecutter.
• Outlook: New York Times sees a Q4 total subscription revenue increase of 12% Y/Y. The company expects a Q4 digital-only subscription growth of 25%.
• Price Action: NYT shares are trading lower by 7.78% at $51.46 on the last check Wednesday.