Newsmax rises on surprise Q3 profit
NMAX•Newsmax reported a third-quarter profit of $15.23 million, versus analysts’ expected loss of $1.54 million, and revenue of $69.03 million, above the $49.83 million consensus.
1. Profit and revenue beat
Newsmax posted third-quarter profit of $15.23 million, compared with estimates for a $1.54 million loss. Revenue was $69.03 million, above the analyst consensus of $49.83 million.
2. Factors behind performance
The company said higher revenue, growth in high-margin affiliate and licensing fees, and lower legal costs helped its performance. CEO Christopher Ruddy cited strong engagement through the midterm elections.
3. Shares and analyst ratings
Newsmax shares rose more than 19.3% in premarket trading to $8.70. All three brokerages rating the stock gave it a “buy” rating, with a median price target of $17; the stock was down more than 5% year to date as of the prior close.
