- Shares of the New York Times have dipped about 15% after reporting Q3 results, taking the stock's year-to-date gains to zero.
- This is in spite of better-than-expected subscriber adds, which has been an issue at many other internet/content companies this quarter.
- The weak reaction is likely a reflection of the New York Times' bloated >40x P/E ratio, which is not ideal in a potentially correcting market.
- The lack of a major news cycle like we had in 2020 will likely continue to put pressure on subscriber growth.
- Rising costs are another hot-button item to watch.
For further details see:
New York Times: Deflating Enthusiasm