New York Times Co NYT shares are trading higher by 10% at $47.52 Wednesday morning after the company reported better-than-expected second-quarter results.
Earnings per share rose 100% over the past year to 36 cents, which beat the estimate of 27 cents.
Revenue of $498 million was up by 23.47% from the same period last year, which beat the estimate of $487 million.
“Just after the end of the second quarter, The Times crossed another mile marker on our path to scaling direct, paying subscriber relationships: We now have more than 8 million paid subscriptions across our digital and print products — a testament to the success of our strategy, the strength of the market for paid digital journalism, and our unique opportunity to meet that demand," said CEO and President Meredith Kopit Levien.
"That milestone follows a second quarter with strong revenue and profit growth and progress on advancing our underlying model," said Levien.
New York Times is an American media company known for publishing its flagship newspaper, The New York Times. Circulation of The New York Times is the source of revenue for the company, followed by print and digital advertising and its paid digital-only subscription to The New York Times.
New York Times has a 52-week high of $58.73 and a 52-week low of $37.21.
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