One third of New York Times Q4 subscribers want just Cooking and CrosswordsChristian Fernsby ▼ | February 6, 2020
New York Times said it had fourth quarter net income of $68.212 million up from $55.199 million in the year earlier period.
New York Times Revenue rose to $508.4 million from $502.7 million
Topics: New York Times
Ad revenues are expected to fall about 10% with digital ad revenue expected to fall in the mid single digit.
The company said it added more than a million net new total digital only subscriptions in 2019 and had 5.25 million total subscriptions as of year end.
"In Q4, we added a total of 342,000 net new digital only subscriptions, of which 232,000 were to our core news product, the balance to Cooking and Crosswords, with Cooking in particular having a spectacular end to a strong year with 68,000 new subscriptions in the quarter," Chief Executive Mark Thompson said in a statement.
"The 232,000 net new subscriptions to our core digital only news product were 35 percent more than in Q4 2018, and 134 percent more than in Q4 2017." The company is rolling out a price increase for some of its tenured digital-only subscribers this week, the first since it installed a paywall in 2011.
The board raised the quarterly dividend to 6 cents a share from 5 cents a share in the previous quarter.
The new dividend will be payable April 23 to shareholders of record as of April 8.
Looking ahead, the company is expecting first quarter subscription revenue to rise in the mid single digits, with digital only revenue expected to rise in high teens. ■