Shares of New York Times (NYT) plummeted 13.89% in pre-market trading on Wednesday, as investors reacted to the company's second-quarter 2026 earnings report, which revealed a significant slowdown in digital subscriber growth.

The company added approximately 280,000 net digital-only subscribers in the second quarter, falling short of the analyst consensus of 295,300, according to data compiled by Visible Alpha. This represents a sequential deceleration from the 310,000 net additions recorded in the previous quarter, signaling intensifying market competition and tighter discretionary spending by readers. The subscriber miss overshadowed otherwise strong financial results, including a revenue beat of $762.5 million versus the $751.97 million estimate and an adjusted EPS of $0.69, which exceeded the $0.67 consensus.

While digital-only subscription revenues rose 16.4% year-over-year and digital advertising revenues surged 20.7%, the weaker-than-expected subscriber additions and a lackluster digital subscription revenue forecast for the third quarter underscored the challenges publishers face in a crowded market. Management noted that big tech firms and AI platforms are impacting search and referral traffic, adding pressure to gain market share.