New York Times stock gains as adjusted profit rises by 41%

By Steve Gelsi

Digital subscriptions rise by 210,000 as media company reports 'strong start' to the year

The New York Times Co.'s stock rose Wednesday after the media company reported a 41% increase in adjusted profit that beat analyst expectations.

The New York Times (NYT) said its first-quarter net income rose to $40.42 million, or 24 cents a share, from $22.32 million, or 13 cents a share, in the year-ago quarter.

Adjusted operating profit rose 41% to about $76 million.

First-quarter adjusted profit of 31 cents a share beat the FactSet consensus estimate of 20 cents a share.

Revenue increased by 5.9% to $594.02 million, above the analyst estimate of $592 million.

New York Times stock advanced by 3% in regular trading.

During the quarter, the company added about 210,000 net digital-only subscribers. That's up from about 190,000 net new digital subscribers in the year-ago quarter, and down from 300,000 additions in the fourth quarter.

The company said 2024 "is off to a strong start."

Prior to Wednesday's moves, NYT's stock was down by 5.6% in 2024, compared to an 8.8% jump by the S&P 500 SPX.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

05-08-24 1137ET

Copyright (c) 2024 Dow Jones & Company, Inc.