New York Times stock gains as adjusted profit rises by 41%
By Steve Gelsi
Digital subscriptions rise by 210,000 as media company reports 'strong start' to the year
The New York Times Co.'s stock rose Wednesday after the media company reported a 41% increase in adjusted profit that beat analyst expectations.
The New York Times (NYT) said its first-quarter net income rose to $40.42 million, or 24 cents a share, from $22.32 million, or 13 cents a share, in the year-ago quarter.
Adjusted operating profit rose 41% to about $76 million.
First-quarter adjusted profit of 31 cents a share beat the FactSet consensus estimate of 20 cents a share.
Revenue increased by 5.9% to $594.02 million, above the analyst estimate of $592 million.
New York Times stock advanced by 3% in regular trading.
During the quarter, the company added about 210,000 net digital-only subscribers. That's up from about 190,000 net new digital subscribers in the year-ago quarter, and down from 300,000 additions in the fourth quarter.
The company said 2024 "is off to a strong start."
Prior to Wednesday's moves, NYT's stock was down by 5.6% in 2024, compared to an 8.8% jump by the S&P 500 SPX.
-Steve Gelsi
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05-08-24 1137ET
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