Newspaper and digital media company The New York Times (NYSE: NYT) will be announcing earnings results this Wednesday before the bell. Here’s what to expect.
The New York Times beat analysts’ revenue expectations last quarter, reporting revenues of $802.3 million, up 10.4% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ revenue estimates but a miss of analysts’ EBITDA estimates. It reported 12.21 million subscribers, up 12.8% year on year.
Is The New York Times a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting The New York Times’s revenue to grow 10.1% year on year, improving from the 7.1% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. The New York Times has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at The New York Times’s peers in the consumer discretionary segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Rush Street Interactive delivered year-on-year revenue growth of 41.1%, beating analysts’ expectations by 11.3%, and Monarch reported revenues up 8.9%, topping estimates by 5.2%. Rush Street Interactive traded up 16.6% following the results while Monarch was also up 15.9%.
Read our full analysis of Rush Street Interactive’s results here and Monarch’s results here.
There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 4.4% on average over the last month. The New York Times is down 8.2% during the same time and is heading into earnings with an average analyst price target of $74.11 (compared to the current share price of $78.18).
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