It has been about a month since the last earnings report for New York Times Co. (NYT). Shares have added about 12.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is New York Times due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. NY Times Q2 Earnings Top, Subscription Revenues RiseThe New York Times Company posted second-quarter 2021 results, wherein both the top and the bottom lines not only surpassed the Zacks Consensus Estimate but also improved year over year. Subscription revenues rose during the quarter. Moreover, both print and digital advertising revenues showcased an increase from the year-ago period. Management anticipates growth in total advertising revenues in the third quarter.The company delivered adjusted earnings from continuing operations of 36 cents a share that beat the Zacks Consensus Estimate of 27 cents and surged from 18 cents reported in the year-ago period. Total revenues of $498.5 million surpassed the Zacks Consensus Estimate of $489.8 million and improved 23.5% on a year-over-year basis.Subscription Revenues RiseSubscription revenues improved 15.7% to $339.2 million primarily due to increase in the number of subscriptions to the company’s digital-only products, which include news product, and Games, Cooking and Audm products, as well as a benefit from subscriptions graduating to higher prices from introductory promotional pricing. Revenues from digital-only products jumped 30.3% to $190.1 million. Print subscription revenues rose 1.3% to $149.1 million, attributable to higher domestic home delivery revenues.The company ended the quarter with approximately 7,936,000 subscriptions across its print and digital products. Management notified that the number of paid digital-only subscribers reached roughly 7,133,000 at the end of the quarter — rising 142,000 sequentially and 1,463,000 year over year. Of the 142,000 total net additions, 77,000 came from the digital news product, while remaining came from standalone digital products, Cooking, Games and Audm.Meredith Kopit Levien, president and CEO said, “We saw moderated growth in net subscription additions in the second quarter, which we expected given that the second quarter is traditionally our softest of the year, and we were comparing against last year’s historic results at the beginning of the Covid crisis.”Management projects third-quarter 2021 total subscription revenues to increase about 13-15%, while digital-only subscription revenues anticipated to surge approximately 25-30%.Advertising Revenues GrowTotal advertising revenues were $112.8 million in the reported quarter, up 66.4% year over year. In the third quarter, total advertising revenues are projected to increase approximately 30-35%.Print advertising revenues surged 48% to $41.8 million in the quarter under review. The metric increased, mainly in the luxury, media and technology categories, as a result of the impact of the comparison to soft print advertising revenues in the year-ago period owing to lower advertiser spending during the onset of the pandemic.Digital advertising revenues soared 79.6% to $71 million. This year-over-year increase can primarily be attributed to higher direct-sold advertising, including traditional display and podcasts, as well as the impact of the comparison to soft digital advertising revenues in the prior-year pandemic-hit quarter. Management expects digital advertising revenues to increase roughly 40-45% in the third quarter.Other HighlightsWe note that other revenues grew 8.7% to $46.5 million during the quarter under review due to higher Wirecutter affiliate referral revenues. Management anticipates other revenues to jump approximately 5% in the third quarter.Adjusted operating costs rose 15.4% to $405.6 million during the quarter. Management anticipates adjusted operating costs to increase approximately 18-20% in the third quarter, as the company continues to invest in the drivers of digital subscription growth. Total adjusted operating profit grew 78.2% to $92.9 million during the quarter under review.Financial AspectsThe New York Times Company ended the quarter with cash and marketable securities of about $946.6 million. The company has a $250 million revolving line of credit through 2024. As of Jun 27, 2021, the company had neither outstanding borrowings under the credit facility nor other outstanding debt obligations. It incurred capital expenditures of about $8 million during the quarter. Management envisions capital expenditures of about $50 million in 2021.How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month. The consensus estimate has shifted -11.36% due to these changes.VGM ScoresCurrently, New York Times has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookNew York Times has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? 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