The New York Times Co

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…

We don’t think that anyone doubts at this point that the company successfully transformed its business model to digital and that the digital-only subscribers goal is doable. The success of this transition was a bull…

Digital-only subs only slightly worse than expected but ad revenue and Ebitda well ahead, digital-only ARPU up Q/Q and Y/Y as expected plus a solid guidance for Q3. Looks like the stock should get credit…

We are updating our model to reflect Q1 results and the guidance for Q2. Our estimates for Q2 FY23 are: 9,226K digital-only subs at quarter end Digital-only subscription revenue of $271m Total subscription revenue of…

Worse than expected digital advertising revenue and continued Y/Y decline in Q2 is where bears will probably focus today. On the bright side, digital-only subs net adds seem to be run-rating at around 200K a…