New York Times, opens new tab missed expectations for quarterly revenue on Wednesday, hurt by a slowdown in advertising sales and fewer customers signing up for its bundles.
An uncertain economy has led to advertisers reducing their marketing budgets and sticking with safe havens such as Meta, opens new tab, while readers also cut back on subscriptions as they try to keep a lid on costs.
The publisher reported revenue of $676.2 million for the fourth quarter, compared with analysts’ estimates of $679.24 million, according to LSEG data.
The Times has in the past few years embarked on a bundling push, combining its core news reports with digital content ranging from podcasts to cooking recipes and games as it looks to boost engagement and retain users.
The Times added 300,000 digital-only subscribers in the quarter, compared with 210,000 in the prior quarter.