New York Times Slumps Despite Earnings Beat
New York Times shares falter after posting earnings.

Despite beating Wall Street expectations, New York Times Co. (NYT) faltered on Wednesday, Aug. 8. The publisher posted second-quarter earnings of 17 cents a share, 4 cents higher than estimates. Revenue totaled $414.6 million, which topped expectations of $411 million. 

The Times' subscription services also grew. "Digital-only subscription products (which include our news product, as well as our Crossword and Cooking products) increased 19.6% compared with the second quarter of 2017, to $98.7 million," the company said in a statement.

The company added more than 109,000 digital-only subscribers, taking the total to more than 2 million.

The Times announced that digital advertising revenue fell by 7.5%, while print fell by 11.5%. "The decrease in digital advertising revenue reflected a smaller audience as well as a decline in creative service revenues," the company said.

Shares fell 4.4% to $23.23.

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