New York Times Down 7.5% After Warning Subscription Revenue Will Slow in Q3
The media company posted second-quarter earnings and revenue that beat Wall Street expectations The post New York Times Down 7.5% After Warning Subscription Revenue Will Slow in Q3 appeared first on TheWrap .
The New York Times experienced a 7.5% decline in stock value on Friday after it announced a slowdown in subscription revenue growth for Q3. Profit for the period fell 10% to $96.3 million, while revenue increased 11.2% to $762.5 million. The company reported 57 cents per share in earnings, surpassing analysts' expectations. Digital-only subscription revenue grew by 16.4% to $409.7 million, while digital advertising revenue climbed 20.7% to $111.4 million.
Despite the overall revenue growth, The Times warned that subscription revenue would only grow by 9% to 11% in Q3, slower than the 11.2% growth in Q2. The publisher cited the continued strength of its subscription business as a key factor in its strong performance.
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