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Investing.com - JPMorgan has raised its price target on New York Times (NYSE:NYT) to $70.00 from $62.00 while maintaining an Overweight rating following the company’s strong second-quarter results. The media company, which boasts a perfect Piotroski Score of 9 according to InvestingPro data, demonstrates exceptional financial strength with a "GREAT" overall health score.
New York Times shares jumped over 14% compared to the S&P 500’s 0.5% gain after reporting adjusted operating profit of $134 million, exceeding both JPMorgan and consensus estimates of $121 million. The company’s third-quarter guidance midpoint indicates adjusted operating profit approximately 7% above consensus expectations.
The media company added 230,000 net subscribers in the quarter, with digital subscription growth of 15.1% landing at the high end of the outlook range. Digital advertising performance was particularly strong, growing 18.7% year-over-year with equal contributions from The Athletic and core Times properties.
Management confirmed contribution from the Amazon (NASDAQ:AMZN) licensing agreement during the quarter and reiterated its target of reaching 15 million subscribers by 2027. The company also mentioned its new paid Family Plan for All-Access subscribers, though its contribution in the quarter was minimal.
JPMorgan updated its model for New York Times, projecting third-quarter revenue of $690 million and adjusted operating profit of $125 million, consistent with company guidance. The firm’s full-year estimates now stand at $2.79 billion in revenue and $542 million in adjusted operating profit, up from previous estimates of $2.76 billion and $516 million. Trading at a P/E ratio of 27.77, the stock appears relatively expensive based on InvestingPro’s Fair Value analysis. Discover 14 additional exclusive ProTips and comprehensive valuation metrics with an InvestingPro subscription, including the detailed Pro Research Report available for NYT and 1,400+ other US stocks.
In other recent news, The New York Times Company reported its second-quarter earnings for 2025, surpassing Wall Street expectations. The company achieved an earnings per share of $0.58, exceeding the forecasted $0.52. Revenue also surpassed predictions, reaching $685.9 million against a forecast of $670.26 million. This performance was bolstered by a 10% revenue growth, primarily due to advertising strength, and a 28% growth in adjusted operating profit, which beat estimates by 6.9%. Following these results, Evercore ISI adjusted its price target for The New York Times from $68 to $67 while maintaining an Outperform rating. Meanwhile, Guggenheim raised its price target from $55 to $56, maintaining a Neutral rating. The company reported $686 million in revenue and an adjusted operating profit of $134 million, both exceeding Guggenheim’s estimates. These recent developments highlight the company’s strong financial performance in the second quarter.
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