New York Times (NYSE:NYT) is one of the oldest and most respected newspapers in the United States. This newspaper also boasts a massive global reader base. Shares of New York Times stock have climbed 7.1% month-over-month as of close on Monday, June 26. The stock is up 15% so far in 2023.
Print media faced an existential crisis as digital media quickly stole eyeballs and became the mode of choice for younger generations. Fortunately, the New York Times and other outlets have quickly adapted. The company leaned into that strength in the wake of the 2016 election, as the Trump campaign and election appeared to light a fire under prospective readers and led to a surge in profits for the New York Times.
The New York Times unveiled its first quarter fiscal 2023 earnings on May 10. It reported operating profit of $27.9 million – up from operating profit of $6.3 million in the first quarter of fiscal 2022. Moreover, total subscribers rose to 9.73 million at the end of the first quarter – up from 9.01 million in the previous year. Total revenues climbed 4.3% year-over-year to $560 million. Meanwhile, subscription revenues increased 6.9% to $397 million.
Shares of New York Times currently possess a price-to-earnings ratio of 33, putting this media stock in solid value territory compared to its industry peers. This company boasts an immaculate balance sheet, and it is still on track for strong earnings growth as we approach what should be an electric election season in the United States. It is not too late to take advantage of the spring dip in this stock as it still has not fully recovered.
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