By Alexandra Bruell
The New York Times added 350,000 digital subscriptions last quarter, accelerating gains and increasing its online subscriber base to 10.8 million.
More than 11.4 million people now subscribe to at least one of the Times's digital or print products. Those include news, as well as games and cooking offerings, the Athletic, and Wirecutter, its consumer product-review site.
Revenue rose 7.5% to $726.6 million, while net profit increased 12% to $123.7 million.
The company reported $3.2 million of pretax litigation costs tied to its lawsuit against Microsoft and OpenAI. The Times sued the tech companies in December 2023, accusing them of illegally copying and using its journalism to help develop AI products.
More on fourth-quarter earnings:
-- Digital-subscription revenue rose 16% to $334.9 million. Those users pay an average of $9.65 a month, up 4.4% from a year earlier.
-- Digital-advertising revenue rose 9.5% to $117.9 million, and now makes up nearly three-quarters of total ad revenue.
-- The Athletic reported an adjusted operating profit of $3.5 million, its second consecutive positive quarter.
-- The Times expects first-quarter digital subscription revenue to rise between 14% and 17%, and digital ad revenue to grow by a high single-digit percentage.
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(END) Dow Jones Newswires
February 05, 2025 08:01 ET (13:01 GMT)
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