** Shares in New York Times Co NYT.N down 10.9% on Wednesday, hitting lowest level since May, on track for biggest one-day drop since June 2022 after quarterly report as subscription rev forecasts for the current quarter disappointed
** NYT reported Q4 rev of $726.63 mln vs consensus view of $726.65 mln with adj EPS of $0.80 above consensus est of $0.74, as per LSGE
** However, signaling intense competition for new readers in a busy year for media industry, NYT forecast subscription revenue growth of 7% to 10% for Q1, with midpoint of range missing analysts' estimate of 9.9%, according to Visible Alpha
** After hitting low of $48.35 for session so far, NYT last traded at $49.90 vs median PT of $57, according to LSEG, which shows 12 analyst ratings: 2 'strong buy,' 4 'buy,' and 6 'hold' recommendations
** NYT shares down 4.1% YTD after rising 6.2% in 2024 vs 2.5% gain YTD and 1.9% gain in 2024 for S&P 400 media & entertainment index .SPMDCME
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))
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