What's Going On With New York Times Stock Monday?

New York Times NYT shares are moving lower on Monday. The company reported third-quarter financial results before the open. In addition, hundreds of employees represented by the Times Tech Guild have reportedly gone on strike.

Q3 Earnings Details: The company reported adjusted earnings of 45 cents per share, beating analyst estimates of 41 cents per share. The company reported sales of $640.2 million, marking a 7% year-over-year increase, but missing analyst estimates of $640.8 million, according to Benzinga Pro.

New York Times reported total advertising revenue of $118.4 million, total subscription revenue of $453.3 million and other revenues of $68.5 million. Growth in the other revenue segment was attributed to higher Wirecutter affiliate referral rates and licensing revenues. Digital-only average revenue per user (ARPU) was $9.45 in the quarter.

"The third quarter was another strong one for The Times as we made further progress toward becoming the essential subscription for every curious person seeking to understand and engage with the world. We passed 11 million total subscribers in the quarter, more than five million of whom now subscribe to the bundle or multiple products,” said Meredith Kopit Levien, president and CEO of the New York Times.

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What Else: According to Variety, hundreds of employees represented by the Times Tech Guild have gone on strike. Employees in the Times Tech Guild consist of engineers, data managers and software developers that build and maintain the systems that support the company’s website and other digital applications.

The news comes a day before the U.S. presidential election and would be the first strike in the NewsGuild to collide with the election since 1964 if it continues into Tuesday. The strike is reportedly over disputes regarding fair pay and a “just cause” provision.

A spokesperson for the New York Times told Variety that the company has "robust plans in place to ensure that we are able to fulfill our mission and serve our readers."

NYT Price Action: At the time of publication, New York Times shares were down 7.22% at $52.63, according to data from Benzinga Pro.

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