President Donald Trump spent much of his campaign, and sometime during his first two weeks in office, accusing the media establishment of bias and claimed many of the biggest news outlets were “failing.” Turns out, one of the top newspapers on the receiving end of his Twitter wrath, The New York Times, announced its 2016 fourth quarter and full year report Thursday morning with an increase in digital subscriptions.
New York Times Company (NYSE: NYT) saw its diluted earnings per share in the fourth quarter of last year slip to 24 cents compared to 31 cents per share in the same time period in 2015, and when adjusted from “continuing operations” the stock went from 37 cents per share in the final quarter of 2015 to 30 cents per in 2016, according to a company statement.
New York Times experienced a decrease in operating profit last quarter to $55.6 million, while it pulled down $87.7 million for the same period last year.
The company said much of the lost profit was due to pension settlement charge – payments made to former employees – as well as lower advertising revenues from print as well as higher costs. In the fourth quarter, the company earned $95.7 million in profit, a decline from $117.7 million in the same time frame in 2015. Though, it stated that some of the increased costs were offset by higher circulation revenues.
New York Times shares have climbed in the last 12 months. On Wednesday, the company’s price of share closed at $13.55. On Feb. 1, 2016, shares of New York Times closed at $12.96.
In a statement, president and CEO Mark Thompson credited a jump of 276,000 new digital subscriptions in the fourth quarter, the highest increase in five years, and gave no indication the company is “failing” like Trump had claimed Saturday on Twitter.
The president has taken aim at the Times, the Washington Post, CNN and other major outlets for what he considers unfair coverage, going so far as to label them promoters of “fake news,” the articles containing inaccurate or completely false information that streamed on to social media throughout the 2016 presidential election and many credited with helping Trump defeated Democrat Hillary Clinton.
The failing @nytimes has been wrong about me from the very beginning. Said I would lose the primaries, then the general election. FAKE NEWS!
— Donald J. Trump (@realDonaldTrump) January 28, 2017
Thr coverage about me in the @nytimes and the @washingtonpost gas been so false and angry that the times actually apologized to its…..
— Donald J. Trump (@realDonaldTrump) January 28, 2017
Trump also said each was losing subscribers and readers, which the Times proved incorrect with its latest results.
…dwindling subscribers and readers.They got me wrong right from the beginning and still have not changed course, and never will. DISHONEST
— Donald J. Trump (@realDonaldTrump) January 28, 2017
On Sunday, Trump suggested “somebody with aptitude and conviction” should purchase the Times and “run it correctly or let if fold with dignity!”
Somebody with aptitude and conviction should buy the FAKE NEWS and failing @nytimes and either run it correctly or let it fold with dignity!
— Donald J. Trump (@realDonaldTrump) January 29, 2017
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