Shares of The New York Times Company (NYSE:NYT) are trading higher Wednesday after the media company reported better-than-expected second-quarter earnings and revenue.
What To Know: The results were driven by growth across digital subscriptions, advertising, and licensing revenues, with improvements in profitability adding further investor confidence.
Adjusted earnings per share came in at 58 cents, beating analyst expectations of 50 cents and up from 45 cents a year ago. Revenue for the quarter reached $685.87 million, surpassing the $670.74 million consensus estimate and marking a nearly 10% increase year-over-year.
The company added approximately 230,000 net digital-only subscribers during the quarter, bringing its total to 11.88 million. Average revenue per user for digital-only subscriptions rose 3.2% to $9.64, driven by pricing changes and the expiration of promotional offers.
Digital subscription revenue increased 15.1% compared to the prior year, while digital advertising revenue rose 18.7%, supported by stronger demand across newer advertising segments. Licensing and affiliate revenues also saw modest gains.
Commenting on the results, CEO Meredith Kopit Levien said, "We had a great second quarter across the board, and our strategy continues to work as designed. We grew all of our major revenue lines and we're generating significant free cash flow." She added that a strong balance sheet and ongoing investment in journalism and product development will continue to drive long-term profitability.
NYT Price Action: The new york times shares were up 15.8% at $62.12 at the time of writing, according to Benzinga Pro.
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