A month has gone by since the last earnings report for New York Times Co. (NYT). Shares have added about 0.4% 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 Beat, Subscription Revenues Up Y/YThe New York Times Company delivered second-quarter 2022 adjusted earnings from continuing operations of 24 cents a share that beat the Zacks Consensus Estimate of 20 cents but declined 33.3% from the prior-year reported figure. Total revenues of $555.7 million surpassed the Zacks Consensus Estimate of $553 million and improved 11.5% year over year.Subscription revenues rose during the quarter. While digital advertising revenues declined, print advertising revenues showcased an increase from the year-ago period. Notably, The New York Times Company is gradually heading toward its goal of 15 million subscribers by the end of 2027. The company’s recent buyouts of The Athletic and Wordle have helped it in expanding the addressable market and diversifying offerings.Subscription Revenues RiseSubscription revenues of $383.6 million fell short of the Zacks Consensus Estimate of $385 million but grew 13.1% year over year primarily due to an increase in the number of subscribers to the company’s digital-only products, benefit from subscriptions graduating to higher prices from introductory promotional pricing, and the inclusion of subscription revenues from The Athletic.Subscription revenues from digital-only products jumped 25.5% to $238.7 million and came ahead of the consensus estimate of $237.9 million. However, print subscription revenues fell 2.8% to $144.9 million due to lower domestic home delivery revenues that declined 2.7%. The metric also missed the consensus mark of $145.5 million.The company ended the quarter with roughly 9.17 million paid subscribers with about 10.56 million paid subscriptions across its print and digital products. Of the 9.17 million subscribers, approximately 8.41 million were paid digital-only subscribers, with roughly 9.81 million paid digital-only subscriptions. There was a net increase of 180,000 digital-only subscribers and 230,000 digital-only subscriptions compared with the preceding quarter, driven by the bundle, Games, and The Athletic.Management envisions third-quarter total subscription revenues to increase about 11-13%, while digital-only subscription revenues are anticipated to surge approximately 21-25%.Advertising Revenues IncreaseTotal advertising revenues of $117.4 million fell short of the consensus estimate of $118.4 million but rose 4.1% year over year.Print advertising revenues advanced 15.1% to $48.1 million in the quarter under review and surpassed the consensus mark of $45.7 million. The metric increased mainly in the luxury and entertainment categories, which were significantly hurt in the year-ago period due to the pandemic. Digital advertising revenues dropped 2.4% to $69.3 million and came below the consensus estimate of $72.7 million. This year-over-year decrease was due to the macroeconomic environment, a decline in marketer spend on advertising adjacent to news coverage, and fewer programmatic advertising impressions, which more than offset higher direct-sold advertising largely from the addition of advertising revenues from The Athletic.For the third quarter, The New York Times Company expects both digital advertising revenues and total advertising revenues to be flat to down low-single digits.Other HighlightsWe note that other revenues grew 17.6% year over year to $54.7 million during the quarter under review as a result of higher revenues from commercial printing, live events, television and film projects, Wirecutter affiliate revenues, and licensing.Adjusted operating costs rose 18.2% to $479.5 million during the quarter. Management anticipates adjusted operating costs to increase approximately 9-13% in the third quarter. The company envisions cost growth for The New York Times Group to slow considerably in the second half of 2022.Total adjusted operating profit declined 18% to $76.2 million during the quarter under review as a result of operating losses at The Athletic.Segment DetailsThe New York Times Group revenues increased 7.6% year over year to $536.1 million. Subscription revenues rose 8.1% to $366.6 million, owing to growth in subscription revenues from digital-only products. Advertising revenues jumped 1.8% to $114.8 million, as higher print advertising revenues more than offset a decline in digital advertising revenues.Adjusted operating profit fell 4.4% to $88.8 million, as higher revenues were more than offset by higher costs.Revenues totaled $19.5 million at The Athletic segment, primarily from subscription revenues. Adjusted operating loss amounted $12.6 million.Management expects third-quarter total subscription revenues to increase 5-7% at The New York Times Group and foresees a 5-7 percentage points contribution from The Athletic to consolidated results. It envisions total advertising revenues to decline in low-to-mid single digits at The New York Times Group and anticipates a 2-5 percentage points contribution from The Athletic. Digital advertising revenues are expected to decline 4-8% at The New York Times Group and expects a 5-7 percentage points contribution from The Athletic to consolidated results.Financial AspectsThe New York Times Company ended the quarter with cash and marketable securities of about $453.4 million, reflecting a decrease of $616.6 million from $1.07 billion as of Dec 26, 2021. Approximately $550 million was utilized to fund the buyout of The Athletic.The company incurred capital expenditures of about $10 million during the quarter. Management envisions capital expenditures of about $55 million in 2022.The board of directors authorized a $150 million share repurchase program in February 2022. As of Jul 29, 2022, the company had repurchased 1,934,708 shares for about $67.8 million, and $82.2 million remained under the authorization.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.The consensus estimate has shifted -30.23% due to these changes.VGM ScoresAt this time, New York Times has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, New York Times has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want to Know the #1 Semiconductor Stock for 2022? Few people know how promising the semiconductor market is. Over the last couple of years, disruptions to the supply chain have caused shortages in several industries. The absence of one single semiconductor can stop all operations in certain industries. This year, companies that create and produce this essential material will have incredible pricing power. For a limited time, Zacks is revealing the top semiconductor stock for 2022. You'll find it in our new Special Report, One Semiconductor Stock Stands to Gain the Most. Today, it's yours free with no obligation.>>Give me access to my free special report.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The New York Times Company (NYT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research