Why New York Times (NYT) Stock Is Tumbling Today - New York Times (NYSE:NYT)

New York Times Co NYT reported first-quarter FY23 sales growth of 4.3% year-on-year to $560.74 million, missing the consensus of $571 million.
The mass media company and newspaper publisher reported adjusted EPS of $0.19 (-9.5% Y/Y), beating the analyst consensus of $0.17.
Growth in the number of subscribers resulted in street-beating earnings performance in Q1. The total number of subscribers grew 8% to $9.73 million.
Revenue from Subscriptions rose 6.9%, and Advertising fell 8.6%.
The adjusted operating margin contracted 170 bps to 9.6%, while the adjusted operating profit slumped 11.3% to $54 million.
"We made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead," said CEO Meredith Kopit Levien. "We are confident that we are on the path to becoming a larger and more profitable company," he added.
As of March 31, 2023, the company had cash and marketable securities of $474.4 million.
Q2 Outlook: New York Times forecasts total subscription revenue growth of 6% - 8%.
The company expects Digital-Only subscription revenue growth of 12% - 15%.
Price Action: NYT shares are trading lower by 5.49% at $37.03 on the last check Wednesday.
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Why New York Times Stock Is Tumbling Today