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The New York Times Co. Reports Strong Q3 Earnings
In November, The New York Times Co. (NYSE: NYT) gained 13%, contrasting with a general decline in high-profile stocks. The company’s third-quarter earnings report revealed total revenue of $700.8 million, surpassing estimates of $692 million, driven by a 9.5% increase and a rise in digital advertising revenue.
Key metrics include 460,000 new digital-only subscribers, raising the total to 12.33 million, with 11.76 million being digital-only. Adjusted earnings per share grew from $0.45 to $0.59, exceeding expectations of $0.53, while adjusted operating profit rose 26.1% to $131.4 million, resulting in an operating margin of 18.7%.
Looking ahead, the company projects subscription revenue growth of 8-10% and a 6%-7% increase in adjusted operating costs. Additionally, The New York Times is engaged in a legal dispute with Microsoft and OpenAI regarding the unauthorized use of its content.
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