What The New York Times’ results say about Australia’s media stocks
Key Points
- Why it matters: major local news publishers have seen slower advertising spend
- The New York Times’ result could point to better than expected results elsewhere
- But local analysts are less bullish on whether that growth continues this year
The New York Times Company reported its quarterly results on Tuesday (Wednesday AEST), and the market was surprised to learn it had smashed its digital advertising revenue expectations.
Analysts expected the digital advertising market to suffer a low to mid-single-digit fall. Instead, it rose 6.5 per cent to $US73.8 million ($112.7 million), fuelling a better-than-forecast $US590.9 million in revenue for the Gray Lady in the three months to June 30. Print advertising fell 8.6 per cent to $US44 million.
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