Digital subscriptions boost New York Times earnings

New York Times (NYT.US) shares gain nearly 14% following the publication of better-than-expected fourth quarter results. The company reported better-than-expected sales and earnings, as a result of an increase in digital subscriptions.

Selected company results:

EPS: 59 cents per share versus 43 cents expected
Revenue: $668 million vs. $646.7 million expected
Subscription revenue: $414.1 million versus $408.5 million expected

The company forecasts that the second part of 2023 will see cost reductions and improved margins. The first quarter of 2023 may see a decline in advertising revenue and an increase in operating costs.

For more details, please see the attached screenshot from Bloomberg Terminal.

Source: Bloomberg

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