- Shares of The New York Times Company plunged as much as 20% on Wednesday after the publisher said it expects total advertising revenue to fall next quarter.
- The newspaper publisher reported second quarter results on Wednesday that beat expectations for earnings per share but fell short of revenue estimates.
- The New York Times also said it added 197,000 new digital-only subscribers during the period, bringing the publication’s total subscriber base to 4.7 million.
- Watch The New York Times Company trade live.
The New York Time Company saw its stock tumble as much as 20% on Wednesday after the newspaper publisher said it expects advertising revenue to shrink by high-single digits in the third quarter.
The publisher reported second quarter financial results on Wednesday. Here are the key numbers:
- Revenue: $436.25 million, compared to $439.25 million estimated by analysts
- Earnings per share: $0.17, compared to $0.15 estimated by analysts
- Operating profit: $37.9 million, down from $40 million last year
The company said it expects total ad revenue to decline in the high-single digits in the third quarter compared to the same period last year. Digital ad revenue, which is becoming a bigger chunk of the publisher’s business, is expected fall by high-single digits as well.