The New York Times Co

Our Q2 FY25 estimates are: 12,048K digital-only subs at quarter end Digital-only subscription revenue of $351m Total subscription revenue of $481m Total advertising revenue of $122m Total revenue to $673m Adjusted Operating Profit of $122m…

Digital-only subscribers were ahead of expectations, with ARPU in line. The stock often trades based on digital advertising results and guidance, both of which surpassed our expectations this quarter, likely supporting the stock’s performance today….

We are updating our model following Q4 FY24 results. We are modestly lowering our price target to $55 and maintain Neutral rating. Our Q1 FY25 estimates are: 11,000K digital-only subs at quarter end Digital-only subscription…

Generally in-line Q4 results support our argument that operating trends are stable with only minor surprises in some quarters. This, in our view, makes it difficult, for a convincing longer term bull or bear case…

We are updating our model following Q3 FY24 results. Our price target and rating remain unchanged. Our estimates for Q4 FY24 are: 10,864K digital-only subs at quarter end Digital-only subscription revenue of $333m Total subscription…

In our view the results look solid relative to the guidance provided. Expectations may have gone up into the print as some expected a bigger boost due to the election. We think NYT’s business model…

We are updating our model following Q2 FY24 results. We are raising our price target to $58 to reflect our updated forecast. Our estimates for Q3 FY24 are: 10,445K digital-only subs at quarter end Digital-only…

Digital-only net adds were 2x better than we expected and up 43% v. Q1. Digital-only ARPU came in as expected. The release calls out growth in digital display at the NYTG and The Athletic ad…

We are updating our model to reflect Q1 FY24 results and the guidance for Q2 . Our rating and price target remain unchanged. Our estimates for Q2 FY24 are: 10,063K digital-only subs at quarter end…

The quarter looks generally in line with expectations, in our view. Digital advertising revenue growth was on the low end of the guidance given last quarter (softness in display and podcasts) but the outlook for…

We are updating our forecast of digital-only subscribers to 9,899K at the end of Q1 and 10,252K at the end of FY24. As a result, our estimate of Digital-only Subscription Revenue for FY24 moves to…

We think that Q4 FY23 was the first quarter since NYT embarked on the business model transformation to digital when the news cycle proved to be a negative and instead of just helping drive digital…

The quarter looks on the weaker side. Digital advertising revenue decline was a little below the low end of the guidance. Digital-only ARPU growth decelerated 90bps v. Q3 which is likely disappointing for the bulls….

We think that Q3 results and the guidance for Q4 illustrate well our thesis that neither bull nor bear case is likely to emerge as long as the current operating trends continue. On the positive…

Digital-only subs generally in-line with what we modeled, digital advertising revenue on the high end of the guidance and operating costs as expected. Digital-only ARPU up Q/Q 1.4% which what bulls want to see. Guidance…