The New York Times Company's (NYT) first-quarter 2022 results reflect increase in subscription revenues. Management envisions second-quarter total subscription revenues to increase about 12-14%.
New York Times (NYT) delivered earnings and revenue surprises of 0% and 1.08%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?
The Times attracted millions of digital subscribers in the last two years as the pandemic, the U.S. presidential election and climate crisis dominated the news cycle. But with people stepping out more and spending less time online, the news publisher's digital subscriber growth has slowed and digital ad sales are dominated by tech behemoths Facebook and Google. The company's total revenue rose 13.6% to $537.4 million in the first quarter, compared with estimates of $546 million, according to Refinitiv data.