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11/29/21

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New York Times Co. Cl A
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2:30 a.m. Nov. 3, 2021 - By Ciara Linnane
New York Times shares up 3.8% premarket after earnings top estimatesNew York Times Co. shares rose 3.8% in premarket trade Wednesday, after the company beat earnings estimates for the third quarter and offered upbeat guidance. The newspaper group said it had net income of $54.7 million, or 32 cents a share, in the quarter, up from $33.6 million, or 20 cents a share, in the year0earlier period. Adjusted per-share earnings came to 23 cents, ahead of the 20 cents FactSet consensus. Revenue rose to $509.1 million from $426.9 million a year ago, also ahead of the $499 million FactSet consensus. CEO Meredith Kopit Levien said the company added 455,000 net new digital subscriptions in the quarter, and hit a milestone of more than one million international digital subscriptions. That boosted the total to more than 8.3 million across the company's digital and print products. Subscription revenue rose 13.8% to $342.6 million, ad revenues rose 39.9% to $110.9 million and other revenue rose 19.1% to $55.6 million. Total revenues were up 18.8% compared with the third quarter of 2019, before the outbreak of the pandemic. Digital ad revenue rose 40.2% and print ad revenue rose 39.4%. Total operating costs rose 18.8% to $460.1 million. The company is now expecting fourth-quarter subscription revenue to climb about 12% and for digital-only subscription revenue to rise abut 25%. Ad and digital ad revenue are expected to rise in the mid-teens. Shares have gained about 8% in the year to date, while the S&P 500 has gained 23%.
3:15 a.m. Aug. 4, 2021 - By Ciara Linnane
New York Times beats earnings estimates in Q2 as it adds 142,000 net digital subscribersNew York Times Co. shares jumped 1.7% in premarket trade Wednesday, after the newspaper group beat earnings estimates for the second quarter, as subscription and ad revenues gained. The company posted net income of $54.3 million, or 32 cents a share, for the quarter, up from $23.7 million, or 14 cents a share, in the year-earlier period. Adjusted per-share earnings came to 36 cents, ahead of the 27 cents FactSet consensus. Revenue rose 23.6% to $498.5 million from $403.8 million a year ago, also ahead of the $488.0 million FactSet consensus. Subscription revenues rose 15.7% to $339.2 million, ad revenues rose 66.4% to $112.8 million and other revenue rose 8.7% to $46.5 million. Compared with the second quarter of 2019 before the pandemic, revenue were up 14.3%. Subscription revenues "rose primarily due to growth in the number of subscriptions to the Company's digital-only products, which include our news product and our Games, Cooking and Audm products, as well as a benefit from subscriptions graduating to higher prices from introductory promotional pricing," the company said in a statement. The company added 142,000 net digital subs with 77,000 in news and 65,000 in cooking and games, said CEO Meredith Kopit Levien. "We now have more than 8 million paid subscriptions across our digital and print products - a testament to the success of our strategy, the strength of the market for paid digital journalism, and our unique opportunity to meet that demand," she said. For the third quarter, the company is expecting sub revenues to climb 13% to 15%, and for ad revenues to rise about 30% to 35%. Shares have fallen 16.5% in the year to date, while the S&P 500 has gained 17.8%.
2:17 a.m. May 5, 2021 - By Ciara Linnane
New York Times beats earnings estimates and offer upbeat guidanceNew York Times Co. shares edged slightly higher in premarket trade Wednesday, after the newspaper group beat earnings estimates for the first quarter and offered upbeat guidance for the second quarter. The company posted net income of $41.1 million, or $24 cents a share, for the quarter, up from $32.9 million, or 20 cents a share, in the year-earlier period. Adjusted per-share earnings came to 26 cents, more than double the 12 cents FactSet consensus. Revenue climbed 6.6% to $473 million from $443.6 million, also ahead of the $461.0 million FactSet consensus. "The Times finished the first quarter with more than 7.8 million paid subscriptions across our digital and print products, more than 100 million registered users, and an average weekly audience of 76 million readers," Chief Executive Meredith Kopit Levien said in a statement. Subscription revenue rose 15.3% to $329.1 million, ad revenue fell 8.5% to $97.1 million and other revenue fell 10% to $46.8 million. Revenue from digital-only products rose 38.1% to $179.6 million. The company is expected total subscription revenue to rise about 15% in the second quarter and for digital-only subscription revenue to rise about 30%. Ad 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 began to hurt ad spending. Shares have fallen 13% in the year to date, while the S&P 500 has gained 10.9%.
5:07 a.m. Feb. 5, 2021 - By MarketWatch
News Corp.'s stock rallies toward a record after earnings reportShares of News Corp. shot up in 8.6% toward a record high in morning trading Friday, enough to make them the second-biggest gainer among S&P 500 components, in the wake of the media company's . The company reported late Thursday its most profitable quarter since its reorganization more than seven years ago, boosted by strength in its Dow Jones unit. Dow Jones is the publisher of MarketWatch, Barron's and The Wall Street Journal. News Corp.'s report follows from fellow media company . on Thursday. News Corp.'s stock, which has run up 13.4% amid a four-day win streak, had closed at a record $19.62 on Thursday. It has now rallied 53.3% over the past three months, while New York Times shares have have climbed 30.0% and the S&P 500 has gained 10.6% over the same time. New York Times' stock had reached a record close on Jan. 26.
3:05 p.m. Feb. 4, 2021 - By MarketWatch
News Corp says second fiscal quarter was most profitable since company reorganization 7 years agoNews Corp said late Thursday that its second fiscal quarter was the most profitable quarter since , even as quarterly revenue declined by 3% from the year-ago quarter. CEO Robert Thomson said the Dow Jones unit, which includes MarketWatch, Barron's and the Wall Street Journal, had its most profitable quarter since it was acquired by the pre-reorganization News Corp. in 2007. While the unit's advertising revenue contracted by 4%, primarily attributable to a 29% decline in print advertising sales, digital advertising on Dow Jones properties grew 29%, with circulation and subscription revenue increasing by 8%. Overall, , second-quarter revenue dipped to $2.41 billion from $2.48 billion in the year-earlier quarter. Net income rose to $261 million from $103 million in the second quarter of fiscal 2020. Adjusted earnings per share of 34 cents, up from a year-earlier 18 cents, outpaced the consensus analyst estimate of 9 cents a share, . New York Times Co. similarly that subscription revenue for its most recently completed quarter had offset advertising weakness.
2:19 a.m. Feb. 4, 2021 - By Tomi Kilgore
New York Times earnings beat expectations, as subscription strength offset advertising weaknessShares of New York Times Co. 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 has gained 11.2%.
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