After posting strong earnings Thursday, The New York Times Company shares have surged to a nine-year high.
The company has seen a sharp increase in digital subscriptions, largely attributed to the “Trump effect,” since last November’s election.
In part thanks to the digital subscriptions, the company reported profit as $27.7 million in the second quarter, up from $9.1 million in the same period last year.
Shares are up almost four percent in trading Thursday to their highest levels since April 2008. Since the election, the stock has jumped more than 70 percent on the back of an increase in digital subscribers as well as higher digital advertising revenue.
For the second quarter, the company reported 93,000 net digital-only subscribers, a 46 percent increase compared with a year ago.
Digital advertising revenue increased 23 percent to $55 million while print advertising revenue fell 11 percent to $77 million.
Newspapers and magazines across the country have reported increases in subscriber numbers and advertising revenue since the election.
In 2017 so far, New York Times is up 43.22 percent, compared to 10.85 percent for the S&P 500.