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New York Times Stock Is Up After Q2 Results: Here's Why
New York Times Company (NYSE:NYT) shares are trading higher Wednesday after the company reported its second-quarter financial results. Here's a look at the details from the report.
The Details:
New York Times reported quarterly earnings of 45 cents per share which beat the analyst consensus estimate by 12.5%. Quarterly sales came in just below estimates at $625 million and represents a 5.78% increase year-over-year.
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New York Times added approximately 300,000 net digital-only subscribers in the second quarter, driven by bundle and multiproduct subscriber additions as well as other single product subscriber additions. Total digital-only average revenue per user (ARPU) increased 2.1% year-over-year to $9.34 primarily as a result of subscribers transitioning from promotional to higher prices and price increases on tenured non-bundled subscribers.
The company said growth in both digital ...