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The Times posted a 2.4% drop in digital ad revenue for the
second quarter and said total advertising revenue was expected
to be in the range of flat to down low single digits for the
current three-month period.
Lower ad spending due to rising interest rates, surging
inflation and foreign exchange headwinds has forced
advertising-dependent firms, including Snap Inc, Meta Platforms
and Twitter Inc, to temper their forecasts.
The Times said it added 180,000 net digital subscribers in the
latest period, down from 387,000 subscribers it added in the
first quarter, when readers turned to it for its coverage of the
Ukraine crisis.
Revenue was $555.7 million for the quarter ended June 26,
compared with $498.5 million a year earlier. Analysts on average
expected revenue of $552.20 million, according to Refinitiv
data.
(Reporting by Chavi Mehta and Akash Sriram in Bengaluru; Editing
by Anil D'Silva)
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