-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：纽约时报第一季度业绩远超预期，调整后每股收益为0.61美元（同比增长49%），高于市场普遍预期的0.47美元；营收为7.122亿美元（同比增长12.0%），高于市场预期的7亿美元。数字用户平均收入（ARPU）增长加速至9.77美元，同比增长2.4%，高于第四季度的0.7%；数字广告收入飙升31.6%至9330万美元，创五个季度以来的最高增幅。ARPU的加速增长和数字广告的强劲表现，进一步巩固了用户持续盈利的利好因素，并缓解了投资者对定价权的主要担忧。管理层预计第二季度数字订阅收入将增长14%-17%，数字广告收入将实现接近10%的增长。我们认为，营业利润率提升200个基点至16.6%，表明营收增长超过成本增长，从而实现了显著的运营杠杆效应。随着数字用户基数达到1252万，我们预计盈利将持续增长，主要得益于促销用户向付费用户的转化以及选择性提价。不过，我们将密切关注净新增用户能否在用户基数扩大后保持增长势头。
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