The company added approximately 280,000 new subscribers in the second quarter, falling short of market expectations of 295,000 and below the 310,000 added in the previous quarter. Although digital advertising revenue grew by 21% to $114 million, the slowdown in subscriber growth led to a forecast of 12%-15% growth in digital subscription revenue for the third quarter, which might be lower than analysts' expectations of 14%. Wall Street currently views The New York Times as a software company rather than a newspaper company, meaning a slight deceleration in subscriber growth could lead to hundreds of millions of dollars in market capitalization evaporating.