Investing.com – The New York Times did not flush its lines Wednesday when fourth-quarter earnings came across consensus and sent the stock price sharply.
New York Times Company NYSE 🙂 reported per share of $ 0.32 at $ 502.77 million in revenue. The results in black were welcomed to investors and ahead of forecasts by analysts asked by Investing.com for earnings of $ 0.27 per share of $ 479.41
The stronger than expected quarter for the publisher was driven by a strong digital subscriber and advertising growth.
The New York Times added 265,000 net new digital subscriptions, the biggest gain since the end of 2016, the company said. For the year, the company reported 3.4 million digital subscriptions and 4.3 million subscriptions.
Digital advertising revenue jumped 23% the following year, but print advertising revenues were down 10%.
Adjusted operating margins came under pressure in the quarter, falling by 290 basis points due to higher production and wage costs.
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