(Reuters) – The New York Times warned on Thursday its robust digital growth may not be sustainable going ahead, easing expectations after reporting a strong quarter that benefited from a news coverage storm around the COVID-19 pandemic and the U.S. election.
The company’s shares fell 5% on the sobering outlook, even as it achieved the key milestone of generating more revenue from digital sign-ups than print subscriptions.
“2020 is an outlier year. So I don’t think you should expect us to get to the same place we are getting in 2020 given the extraordinary nature of the news cycle,” Chief Executive Officer Meredith Kopit Levien said on an earnings call with analysts.
Heightened interest in the U.S. presidential election brought 120 million readers to its digital platform on Wednesday alone and over 75