New York Times (NYSE:NYT) stock rose 3.06% on February 7. Shares have surged 37.2% in 2019 so far. The stock has climbed a stunning 145% over the past three years.
The company released its fourth-quarter and full-year results on February 6. It posted more than $709 million in digital revenue in 2018 which puts it on pace to reach its goal of $800 million in digital sales by the end of 2020.
Online subscription revenue increased 18% to $400 million in 2018 and digital advertising climbed 8.6% to $259 million.
The New York Times brought its newsroom count to 1,600 at year’s end.
This is the largest count in the company’s history.
The positive news comes amidst a grim beginning of the year for many newsrooms across the United States. Buzzfeed, Huffington Post, and Gannet moved forward with layoffs that illustrated the struggles the industry continues to face.
The New York Times has managed to translate heightened interest and engagement during the Trump era into record profits. Only a few years ago legacy media giants like the New York Times appeared to be in crisis.
However, the New York Times has also benefited from social media giants like Facebook reorienting newsfeeds and users to so-called "authoritative content".
These results are promising, but there is also concern that this level of engagement is reliant upon present conditions. New York Times stock currently boasts an RSI of 82 which puts it well into overbought territory in early February.
