New York Times shares pop premarket after earnings beat consensus estimates
New York Times Co. shares jumped 2.8% in premarket trade Wednesday, after the newspaper group posted better-than-expected profit and revenue for the second quarter. The company had net income of $61.8 million, or 37 cents a share, for the quarter, up from $54.3 million, or 32 cents a share, in the year-earlier period. Adjusted per-share earnings came to 24 cents, ahead of the 19 cent FactSet consensus. Revenue rose 11.5% to $555.7 million from $498.5 million a year ago, ahead of the $553.0 million FactSet consensus. Digital subscription revenue rose 25.5% to $238.7 million. The company added about 180,000 net digital-only subscribers and 230,000 digital-only subscriptions. "We brought in 180,000 net digital-only subscribers, including the highest-ever number of new starts to our All Digital Access Bundle, and saw an approximately 70% increase in net digital-only subscriber additions relative to the second quarter of 2021," CEO Meredith Kopit Levien said in a statement. "…Given the strength of our strategy, we are reaffirming our full-year profit outlook and remain confident in our ability to drive enhanced shareholder value, despite market uncertainties," she continued.
New York Times shares pop premarket after earnings beat consensus estimates
New York Times Co. shares jumped 2.8% in premarket trade Wednesday, after the newspaper group posted better-than-expected profit and revenue for the second quarter. The company had net income of $61.8 million, or 37 cents a share, for the quarter, up from $54.3 million, or 32 cents a share, in the year-earlier period. Adjusted per-share earnings came to 24 cents, ahead of the 19 cent FactSet consensus. Revenue rose 11.5% to $555.7 million from $498.5 million a year ago, ahead of the $553.0 million FactSet consensus. Digital subscription revenue rose 25.5% to $238.7 million. The company added about 180,000 net digital-only subscribers and 230,000 digital-only subscriptions. "We brought in 180,000 net digital-only subscribers, including the highest-ever number of new starts to our All Digital Access Bundle, and saw an approximately 70% increase in net digital-only subscriber additions relative to the second quarter of 2021," CEO Meredith Kopit Levien said in a statement. "…Given the strength of our strategy, we are reaffirming our full-year profit outlook and remain confident in our ability to drive enhanced shareholder value, despite market uncertainties," she continued.