Why Is New York Times Stock Trading Higher On Wednesday?
Portfolio Pulse from Vandana Singh
The New York Times (NYSE:NYT) reported a net increase of 210,000 digital-only subscribers in Q1, reaching 9.91 million, with overall subscribers at 10.55 million. Sales rose 5.9% to $594 million, beating consensus. Digital ad revenues increased 2.9%, while total ad revenues fell 2.4%. The Athletic's subscribers grew 52.6% to 4.99 million, with revenues up 33%. Adjusted EPS was $0.31, up 63%. Q2 guidance anticipates subscription revenues to grow 6%-8% and digital ad revenues to increase in the high single digits. NYT shares rose 3.69% to $47.96.
May 08, 2024 | 6:56 pm
News sentiment analysis
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POSITIVE IMPACT
The New York Times reported strong Q1 results with significant growth in digital subscriptions and sales, beating consensus estimates. The Athletic also saw substantial subscriber and revenue growth.
The positive earnings report, exceeding consensus estimates, and the significant growth in digital subscriptions and The Athletic's performance are likely to boost investor confidence and drive short-term stock price appreciation.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100