New York Times Compensation and Marketing Surge Outpaces Guidance
Dow Jones08-05
The New York Times reported adjusted operating costs rose 10.0% year-over-year in the second quarter, exceeding its guidance range of 8% to 9%. The overshoot stems from higher compensation and benefits expenses, primarily related to the company's journalism operations, as well as increased marketing and promotion costs. Cost of revenue climbed to $368 million from $339 million, while sales and marketing jumped to $86 million from $69 million. The cost growth came alongside revenue gains, with the company posting an 11.2% increase in total revenues to $762 million
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