New York Times Shares Hit Nine-year High After Earnings Top Target

By Trey Williams Markets MarketWatch Pulse

Shares of New York Times Co. rose more than 6% in intraday trade on Thursday, catapulting the newspaper publisher's stock to its highest level since 2008. New York Times shares were on track to close at their highest level since May 9, 2008, after the company reported better-than-expected second-quarter profit and revenue. The company said subscription revenue increased 13.9%, while 22.5% growth in digital-only advertising revenue offset a 10.5% decline in print ad revenue. The stock has gained more than 46% in 2017, and it's up 73% since the presidential election, while the S&P 500 index has gained more than 10% this year and is up 15% since the November election.

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