The New York Times Company said that it added 350,000 digital -only subclors in the previous quarter that the total number of subscribers was raised to 11.4 million on Wednesday.
In the last three months of 2024, the new subscriber increased 7.5 % from the previous year to increase overall revenue to $ 7266 million. The annual revenue in 2024 was $ 2.6 billion, increasing from $ 2.4 billion in 2023.
The 4th quarterly adjusted operating profit increased by 10.7 % to $ 170.5 million. The operating profit adjusted throughout the year was $ 455.4 million, an increase of 16.8 % from 2023.
Meredith Kopit Levien, the highest executive officer of the New York Times Company, stated in the statement that this quarter has ended the year of the Times.
“As a whole, this momentum gives you the confidence that you can further achieve the healthy growth of subscribers, profits, profitability, and powerful free cash flow,” added.
In 2024, the Times added more than 1.1 million online digital subclings and continued to increase the number of products subscribed to products more than 1x. The company offers news reports, recipes, games, Wirecutter product review sites, and sports news sites athletic.
Subscription revenue increased by 8.4 % in the fourth quarter to $ 466.66 million in the fourth quarter due to the increase in digital products.
The quarterly advertising revenue was almost flat at $ 1655.1 million, and digital advertising revenue increased 9.5 % year -on -year, reducing advertising revenue by 16.4 %.
Although the number of digital subscribers is increasing, the number of TIMES printing subscribers is decreasing rapidly. It decreased to 610,000 at the end of last year, down to 660,000 at the end of 2023 to 730,000 at the end of 2022.
Opening costs increased by 6 % in the quarter to $ 580 million. The Times said that it spent $ 10.8 million in 2024 in litigation associated with copyright infringement litigation submitted to Openai and Microsoft in December 2024.
The company said at the end of 2024 that it had $ 9199 million cash and marketed securities. This increased from $ 799 million at the end of 2023.
The Times said on Wednesday that the board had approved a new class A share repurchase program of $ 350 billion. In addition, the quarterly dividend of each share, which rose 5 cents from the previous quarter, was announced.
The company expects that the current quarterly digital -only subscription revenue will increase by up to 17 % from one year ago, and digital advertising revenue has risen in one digit.
