New York Times Co. NYT stock rose 2% in premarket trading Wednesday after the media company beat Wall Street’s earnings target handily and OK’d a new $250 million stock buyback program. New York Times said its fourth-quarter profit increased by 1.3% to $70.79 million, or 43 cents a share, from $69.89 million, or 41 cents a share in the year-ago quarter. Fourth-quarter adjusted profit rose to 59 cents a share from 43 cents a share, well ahead of the forecast of 43 cents a share, according to estimates compiled by FactSet. Revenue increased by 12.3% to $667.5 million, ahead of the analyst estimate of $646.2 million. For the first quarter, the company is forecasting 13% to 16% growth in digital-only subscription revenue and an increase of 6% to 9% in total subscription revenue.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.