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The
Times attracted millions of digital subscribers in the last two
years as the pandemic, the U.S. presidential election and
climate crisis dominated the news cycle.
But with people stepping out more and spending less time online,
the news publisher's digital subscriber growth has slowed and
digital ad sales are dominated by tech behemoths Facebook and
Google.
Still, The Times has been pouring money into acquisitions such
as sports news website The Athletic and viral daily word game "Wordle"
and other podcasts and newsletters.
The company's total revenue rose 13.6% to $537.4 million in the
first quarter, compared with estimates of $546 million,
according to Refinitiv data.
"Wordle brought an unprecedented tens of millions of new users
to The Times, many of whom stayed to play other games which
drove our best quarter ever for net subscriber additions to
Games and we're off to a great start on our work with The
Athletic," Chief Executive Officer Meredith Kopit Levien said in
a statement.
Net income attributable to The Times' common stockholders fell
to $4.73 million, or 3 cents per share, in the first quarter,
from $41.12 million, or 24 cents per share, a year earlier.
(Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich,
Shounak Dasgupta and Shinjini Ganguli)
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