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New York Times Reports Mixed Q2 Earnings

Tanzeel Akhtar

New York Times (NYSE: NYT) reported second-quarter earnings of 17 cents per share, which beat the analyst consensus estimate of 15 cents by 13.33%. This is unchanged from the same period last year.

The company reported quarterly sales of $436.258 million, which missed the analyst consensus estimate of $438.66 million by 0.55%. This is a 5.23% increase over sales of $414.56 million the same period last year.

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"We had another strong quarter in digital subscription growth and we're making steady progress toward our goal of reaching 10 million total subscriptions by 2025. In Q2, we added 197,000 net new digital-only subscriptions, 131,000 of which came from our core news product and the rest from our rapidly expanding Cooking and Crossword products,” said Mark Thompson, CEO of The New York Times.

“Today, The Times has 4.7 million total subscriptions.While profitability declined in the quarter, that is in large part a result of continued investment into growing our subscription business."

Shares closed on Tuesday at $35.58. The stock has a 52-week high of $36.25 and a 52-week low of $21.34.

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