NEW YORK – The New York Times Company (NYSE:NYT) reported a notable first-quarter performance with earnings and revenue surpassing analyst estimates.
The media giant posted adjusted earnings per share (EPS) of $0.31, which was $0.11 higher than the analyst consensus of $0.20. Revenue for the quarter was also above expectations, coming in at $594 million against the consensus estimate of $591.65 million.
The company’s financial results led to a positive market response, with the stock price rising 1.5%.
In a statement accompanying the financial results, the company’s CEO expressed confidence in their strategy and the value of their journalism. “Our commitment to independent journalism continues to resonate with readers, and this is reflected in our strong financial results,” said the CEO. The company’s success in the first quarter can be attributed to its diversified media offerings and its ability to attract and retain a global audience.
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