New York Times stock jumps on earnings beat

Earnings


Shares of the The New York Times jumped Thursday after the company reported third-quarter earnings that beat on the top and bottom lines.

The company also reported more than 3 million digital-only subscriptions and 4 million total subscriptions as of the end of the quarter.

Here’s how the company did compared with what Wall Street expected:

  • Earnings: 15 cents per share vs. 11 cents forecast by Refinitiv
  • Revenue: $417.3 million vs. $408.5 million forecast by Refinitiv

The stock surged as much as 27 percent in the premarket but eased off a bit during the trading day. By early afternoon, it was 7.8 percent higher than Wednesday’s closing price.

The company’s 3 million-plus total digital subscriptions is an increase of 24 percent from the year-ago period. The digital subscriptions category includes subscriptions to the company’s news content as well as stand-alone subscriptions to the daily crossword and to the company’s cooking app.

Subscription revenue increased 4.5 percent year over year and accounted for nearly two-thirds of total revenue for the quarter, CEO Mark Thompson said in a statement. Advertising revenue grew 7.1 percent from a year earlier.

Other revenues — a catch-all category including printing operations and real estate rental income — grew 49.3 percent during the third quarter from the year-ago period.

The New York Times stock, though relatively volatile due to traditionally low trading volume, has been on something of a tear recently. Shares gained 20 percent in the last 30 days and more than 50 percent in the last 12 months.



Source link

Products You May Like

Articles You May Like

Open enrollment for highly paid comes with restrictions, opportunities
Huawei to release augmented reality (AR) glasses
growing China business is a challenge
In crackdown of crypto, SEC goes after unregistered coin offerings
Cisco CEO ‘optimistic’ about resolution on US-China trade

Leave a Reply

Your email address will not be published. Required fields are marked *