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Shares of Newsmax (NYSE:NMAX) soared 31% on Friday after the media platform highlighted its improved profitability.
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Newsmax's third-quarter revenue surged 52.5% year over year to $69 million. Excluding a non-recurring advertising fee, revenue rose 21.6% to $55 million.
The news outlet's audience reached 22.5 million total viewers, including 9.1 million adults aged 35 to 64, making Newsmax the No. 2 cable news channel for audience engagement among that key cohort.
All told, Newsmax's net income improved to $15.2 million, or $0.12 per share. That's compared to a net loss of $4.1 million, or $0.03 per share, in the year-ago quarter.
"Our third-quarter results reflect the operating leverage we are building across the business, with affiliate and licensing growth continuing to shift our revenue mix toward our highest-margin streams," chief financial officer Darryle Burnham said.
Newsmax is working to broaden its reach with new services tailored to the military and people interested in events in Ukraine. The company also increased its social media followers by 13% to 26.8 million as of Sept. 30.
Yet the elections and political news commentary remain the keys to Newsmax's growth strategy.
"Engagement rose through the midterm campaign, and that is an early indicator of what is ahead," CEO Christopher Ruddy said. "We have positioned Newsmax on all platforms for all people, from cable and free streaming to Newsmax+, social, and now AI, heading into what we expect to be the largest presidential cycle on record."
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Why Newsmax Stock Popped on Friday was originally published by The Motley Fool
