Shares of the New York Times Company NYT, -5.56% fell 5.3% in premarket trading Wednesday despite announcing second-quarter earnings that beat revenue and profit expectations. Profit for the latest quarter rose to $23.6 million, or 14 cents a share, from $15.6 million, or 9 cents a share, in the same period a year ago. Adjusted EPS was 17 cents, beating the Factset consensus of 13 cents. Revenue rose to $414.6 million from $407.1 million a year ago, beating the FactSet consensus of $411 million. While subscription revenue rose 4.2% to $260.6 million, primarily due to an increase of 19.6% to $98.7 million in its digital subscription revenue, the company's ad revenue fell 9.9% to $119.2 million. Digital advertising revenue decreased 7.5%, which the company attributed to a smaller audience and a decline in creative service revenues, while print advertising revenue decreased by 11.5%. The stock has gained 31% in the year to date, while the S&P 500 SPX, -0.04% has gained 7%.
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