New York Times stock jumps on earnings beat

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.

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