From Financial Modeling Prep: 2024-11-04 11:48:00

The New York Times Company (NYSE:NYT) exceeded third-quarter earnings expectations due to strong digital subscription growth and increased digital ad revenue, with adjusted EPS of $0.45 surpassing analyst forecasts. Despite this, shares fell over 7% intra-day.

Revenue reached $640.2 million, just below estimates but up 7% year-over-year. Digital-only subscription revenue soared 14.2% to $322.2 million, adding 260,000 new subscribers for a total of 11.09 million.

Digital advertising revenue rose 8.8% to $81.6 million, driven by programmatic and direct-sold display advertising growth, offsetting a 12.6% decline in print advertising.

The New York Times Company projects digital-only subscription revenue to grow 14-17% year-over-year in the fourth quarter, with total subscription revenue expected to increase by 7-9%.



Read more at Financial Modeling Prep:: New York Times Beats Q3 EPS, But Shares Drop 7%