NYT Q2 Revenue Beats, But Subscriber Growth Slows to 280K, Shares Drop 8.8%
NYT sits 30% above its 52-week low of $52.425.
Summary
The New York Times posted Q2 revenue of $762.5M, up 11% and ahead of estimates, with adjusted EPS of $0.69 beating by $0.03. However, digital-only subscriber additions slowed to 280,000, missing the ~350,000 consensus and down from 310,000 in Q1, driving an 8.8% premarket decline. Q3 guidance calls for subscription revenue growth of 9-11% and advertising up high-single to low-double digits, while digital-only subscription revenues are expected to increase 12% - 15%. This follows a quarter of heavy legal headlines but the earnings focus is squarely on subscriber trajectory.
At the time of this announcement, NYT was trading at $68.29 on NYSE in the Trade & Services sector, with a market capitalization of approximately $12.2B. The 52-week trading range was $52.43 to $87.10. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.