The New York Times Company (NYT) saw its shares plummet 7.81% in Wednesday's pre-market trading session, following the release of its fourth-quarter 2024 earnings and guidance for the first quarter of 2025.
In the earnings report, the media giant posted adjusted earnings per share of $0.80 for Q4 2024, surpassing analysts' consensus estimate of $0.74. However, the company's revenue for the quarter came in at $726.6 million, narrowly missing expectations of $726.65 million.
While the fourth-quarter results were mixed, the primary catalyst for the stock's sharp decline appears to be the company's guidance for subscription revenue growth in the first quarter of 2025. The New York Times forecasted subscription revenue growth of 7% to 10%, falling short of Wall Street's average estimate of 9.9% growth.
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