Why Meredith Stock Soared Today

Shares of Meredith (NYSE: MDP) soared 24% today after the company reported strong fiscal first-quarter earnings. The results crushed analyst expectations for both the top and bottom lines.

Revenue in the fiscal first quarter was $693.5 million, ahead of the $660 million in sales that Wall Street was looking for. That resulted in adjusted earnings per share of $1.04, which was dramatically higher than the consensus estimate of just $0.17 per share in adjusted profits. The media company, which publishes prominent magazines like People and Entertainment Weekly, said advertising revenue was hurt by the COVID-19 pandemic but was optimistic about that industry's recovery.

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Source Fool.com