New York Times Q3 Earnings Top Estimates, Adds 455K Net New Digital Subscriptions - New York Times (NYSE:NYT)

New York Times Co 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.