New York Times Co. shares down 5% despite subscriptions rising

Shares of the New York Times Co. were down more than 5% during intraday trade on Thursday. The newspaper publisher said on Thursday that it now has more than 3.5 million paid subscribers and garners more than 130 million monthly readers, which more than doubles its audience compared with a year ago. The New York Times, along with other news outlets this year, has seen a boost in subscriptions tied to the election of President Donald Trump and his contentious relationship with the media. In its most-recent third quarter the Times reported better-than-expected profit, driven by digital subscriptions. At the same time the company has cut staff in a restructuring that led to public displays of frustration from editors and reporters in the newsroom. Shares of the New York Times Co. have gained more than 33% in the year to date, while the S&P 500 index is up nearly 18% and the Dow Jones Industrial Average is up more than 22%

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