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NEW YORK - The New York Times Company (NYSE:NYT) saw its shares rise 3.5% on Wednesday after the media giant reported better-than-expected first-quarter earnings and provided an upbeat outlook for subscription revenue growth.
The company posted adjusted earnings per share of $0.41 for the first quarter, surpassing analyst estimates of $0.34. Revenue came in at $635.9 million, slightly above the consensus estimate of $635.29 million.
Looking ahead, the New York Times forecast second-quarter subscription revenue growth of 8% to 10%, exceeding the average analyst expectation of 8.2%. The company’s optimistic outlook is driven by strong demand for its bundled offerings, which combine its core news products with lifestyle-focused content from Wirecutter, sports coverage from The Athletic, and games like Wordle.
The publisher added approximately 250,000 digital-only subscribers in the first quarter, marginally beating Visible Alpha estimates of 248,000. This growth underscores the success of the company’s digital strategy and diverse content offerings.
"Our bundle strategy continues to resonate with subscribers, driving growth across our portfolio of products," said Meredith (NYSE:MDP) Kopit Levien, president and CEO of The New York Times Company.
The New York Times’ recent accolades, including four Pulitzer Prizes, highlight the company’s commitment to quality journalism. This recognition, coupled with its successful digital transformation, positions the company well in the competitive media landscape.
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