The New York Times posted total Q1 revenue of $560.7 million, a 4.3% increase over the same quarter last year.
But its adjusted operating profit declined 11% YoY to $54 million.
Advertising revenues fell by 8.6% to $106.2 million during the quarter. Digital ad revenue dropped to $61.3 million from $67 million in Q1 2022.
However, digital subscription revenue hit $258 million, up from $226.8 million in Q1 2022.
“In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead,” said Meredith Kopit Levien, president and chief executive officer, The New York Times Company.
Levien continued,“We crossed 3 million bundle and multi-product subscribers in the quarter and hit a number of new records for bundle uptake.”
She noted, “We added 190,000 net new digital subscribers, bringing our total to more than 9.7 million. While advertising continues to experience near-term, cyclical challenges, our bundle strategy is gaining momentum, engagement metrics are strong, pricing initiatives are taking hold and we are slowing cost growth.”
The paid subscriber total cited by Levien includes both print and digital. Of these, 9.02 million are digital-only.
Print subscription revenues declined by 4.4% to $138.8 million. This was mostly due to a 4.2% falloff in home delivery revenues, which was partially offset by an increase in domestic home delivery prices.
The Times also recorded $34.7 million in pre-tax costs related to the acquisition of The Athletic.
Meanwhile, there was an 15.8 increase in other revenues, coming from television and film, licensing, and commercial printing.