New York Times shares fall on slowdown in digital subscribers
Shares of The New York Times Co (NYSE;NYT) retreated on Wednesday after reporting a slowdown in digital subscribers for the second quarter and announcing a cut back on discounts for the 167-year old publication,
The Times said it added 109,000 paid digital subscribers in the second quarter of 2018, down from 114,000 in the same period last year and 139,000 in the first quarter.
Shares fell 6.3% to US$22.77 per share, just above the day’s low of US$22.50.
The weakness in digital subscriber growth for the quarter overshadowed beats in both second-quarter earnings and revenue.
The Times said earnings came in at US$0.17 per share, above consensus estimates of US$0.15. EPS reached US$0.18 in the same period last year.
Second-quarter revenue reached US$414.56mln, above estimates it would be at US$412.29mln and the year-ago figure at US$407.07mln.
The New York Times is one of the leading news publications in the US and the world.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202517/new-york-times-shares-fall-on-slowdown-in-digital-subscribers-202517.html
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