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Feb. 4, 2021, 7:20 a.m. EST

New York Times earnings beat expectations, as subscription strength offset advertising weakness

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By Tomi Kilgore

Shares of New York Times Co. /zigman2/quotes/202090840/composite NYT -2.38% were indicated up less than 1% in premarket trading Thursday, after the media and newspaper company reported fourth-quarter adjusted profit and revenue beats, as strength in subscription revenue offset weakness in advertising. Net income fell to $10.0 million, or 6 cents a share, from $68.2 million, or 41 cents a share, in the year-ago period. Excluding nonrecurring items, such as a pension settlement charge, adjusted earnings per share slipped to 40 cents from 43 cents, but beat the FactSet consensus of 35 cents. Revenue rose 0.2% to $509.4 million, above the FactSet consensus of $499.8 million, as subscription revenue rose 14.7% to $315.8 million and advertising revenue dropped 18.7% to $139.3 million. Revenue from digital-only products jumped 36.8% to $167 million, while print subscription revenue fell 2.9% to $148.8 million. For the first quarter, the company expects subscription revenue to rise 15% and digital-only subscription revenue to grow 35% to 40%, while advertising revenue is expected to decline in the "high-teens" percentage range. The stock has rallied 23.4% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has gained 11.2%.

/zigman2/quotes/202090840/composite
US : U.S.: NYSE
$ 39.78
-0.97 -2.38%
Volume: 1.46M
Jan. 21, 2022 4:00p
P/E Ratio
41.83
Dividend Yield
0.70%
Market Cap
$6.81 billion
Rev. per Employee
$423,405
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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