New York Times beats income estimates, offers upbeat advice

Shares of New York Times Co. edged up in pre-market trading on Wednesday, after the newspaper group beat first-quarter earnings estimates and offered bullish second-quarter guidance. The company posted net income of $ 41.1 million, or 24 cents per share, for the quarter, up from $ 32.9 million, or 20 cents per share, in the same period a year over early. Adjusted earnings per share stood at 26 cents, more than double the FactSet consensus of 12 cents. Revenue climbed 6.6% to $ 473 million from $ 443.6 million, also ahead of the FactSet consensus of $ 461.0 million. “The Times ended the first quarter with over 7.8 million paid subscriptions to our digital and print products, over 100 million registered users and an average weekly audience of 76 million readers,” said the director. General Meredith Kopit Levien in a statement. Subscription revenue increased 15.3% to $ 329.1 million, advertising revenue fell 8.5% to $ 97.1 million, and other revenue fell 10% to 46.8 millions of dollars. Revenue from digital-only products increased 38.1% to $ 179.6 million. The company’s total subscription revenue is expected to grow by around 15% in the second quarter, and digital-only subscription revenue will grow by around 30%. Advertising revenue is expected to grow 55% to 60%, while digital ad revenue is expected to climb 70% to 75%, boosted by weak comparisons in the first quarter of 2020, as the pandemic begins to hurt ad spend. Shares have fallen 13% year-to-date, while the S&P 500 has gained 10.9%. Market Pulse Stories are short and quick information about stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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