The New York Times Company is an American mass media company that owns the popular newspaper The New York Times. The newspaper has contributing journalists from more than 150 countries around the world. It is among the highest circulated newspapers in the US and the highest in the world as well. The newspaper has won several awards and is considered to be quite influential. However, it has also been involved in several controversies and is known to take a partisan position on many key issues. As they say in the media industry, no news is bad news. It can only add to the brand value of the newspaper. Investors looking for a top communication stock to buy now can consider The New York Times Company for its scale and reach.
The New York Times Company Announces Q12021 Earnings Results
On 5th May 2021, The New York Times Company announced its first-quarter 2021 earnings results. Total revenues were up 6.6%, from $443 million in Q12020 to $473 million. On a diluted basis, net earnings per share were also up 20%, from $0.2 in Q12020 to $0.24. Subscription revenues grew the most at 15.3%, even as advertising revenues fell 8.5% and other revenues fell 10% year-on-year. The company spent 25% more on product development and 18.5% less on sales and marketing. During the quarter, The New York Times gained 6991 digital subscriptions and 825 print subscriptions. The digital space is where future growth for the company lies as print subscription numbers are slowly stagnating. The top communication stocks of the future will be the ones who have their digital strategy in place.
Communication Stock To Buy Now
The price of New York Times Company’s stock closed at $41.81 on 4th June 2021. The stock was trading at a P/E ratio of 65 and a dividend yield of 0.67% at the time. The price of the stock is flat on a 1-year basis.