New York Times (NYSE:NYT) is one of the must trusted names in the United States media. It boasts more than 700,000 paid print subscribers and nearly 9 million paid digital subscribers. Shares of New York Times stock have increased 4.4% month-over-month as of close on April 27. The stock has climbed 18% so far in 2023.
Investors can expect to see this company’s first batch of fiscal 2023 earnings in the first half of May. In the fourth quarter of fiscal 2022, the New York Times reported that it had gained more than 1 million subscribers over the past year. It added 240,000 net digital-only subscribers in Q4 2022, bringing its grand total to 8.8 million. However, its paid print subscribers fell to 730,00 print subscribers compared to 795,000 in the prior year.
For the full year, the Times reported adjusted operating profit of $347 million – down marginally compared to fiscal 2021. Meanwhile, annual revenue climbed 11% year-over-year to $2.3 billion. Advertising revenues remained mostly flat at $179 million as ad spending has dipped in the face of uncertain economic conditions.
Shares of New York Times stock currently possesses a price-to-earnings ratio of 37. That puts this stock in more favourable value territory compared to its industry peers. Meanwhile, this stock offers a quarterly dividend of $0.11 per share. That represents a modest 1.1% yield.
