The following is a summary of the The New York Times Company (NYT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• The New York Times reported strong Q2 results with a revenue increase of approximately 6%, and digital subscription revenue growth of about 13% to $305 million.

• Adjusted Operating Profit (AOP) grew by approximately 14% year-over-year, and AOP margin expanded by about 110 basis points to 16.7%.

• Adjusted diluted EPS increased from $0.38 to $0.45, primarily driven by higher operating profit and higher interest income.

Business Progress:

• Added 300,000 net new digital subscribers, progressing towards the milestone of 15 million total subscribers.

• Significant engagement enhancements and format innovations in news coverage and lifestyle products, like the introduction of live updates, video expansions, and AI-assisted translations.

• Introduced new products and enhancements in Games and Sports, notably the new word game Strands and the multi-format NFL franchise, Scoop City.

Opportunities:

• Continuing to drive growth through bundled subscriptions and multi-product offerings, aiming to exceed 50% of total base by end of next year.

• Capitalizing on strong subscriber engagement and increased ARPU through strategic pricing adjustments and product value enhancements.

Risks:

• The ongoing potential for 'marketer news avoidance' on certain topics remains a risk that could impact advertising revenues despite moderate growth in Q2.

More details: New York Times IR

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