On August 5, New York Times fell 8.11% in pre-market trading, trading at approximately $68.6/share, with turnover of $1.6832 million. The decline was triggered by the company's Q2 earnings release, in which digital subscription net additions disappointed investors despite revenue and profit beats.
New York Times added approximately 280,000 net digital-only subscribers in Q2, falling short of the analyst consensus of 295,300 and decelerating from the 310,000 added in Q1. Management noted intensifying market competition and increasing consumer caution on discretionary spending. Total digital-only subscribers reached 13.35 million, with ARPU rising 3.1% year-over-year to $9.94.
Financially, Q2 total revenue was $762.5 million, up 11.2% year-over-year and exceeding estimates by approximately $10.64 million. Non-GAAP EPS of $0.69 beat the consensus of $0.67. However, adjusted operating costs rose 10%, driven primarily by higher compensation and benefits expenses. The company guided Q3 digital-only subscription revenue growth of 12%-15%. Management also highlighted stronger-than-expected demand for high-performance advertising products and announced upgrades to its flagship news app.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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