What happened The New York Times (NYSE: NYT) outperformed a rallying stock market last month. Shares rose 11% in May compared to a 4.5% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. The rally added to significant recent gains, with the stock up nearly 30% through the first five months of 2020. Image source: Getty Images. So what The newspaper giant on May 6 announced mixed first-quarter earnings results that covered an especially volatile time for the industry. Sales inched higher by just 1%, and operating profit fell, mainly due to slumping advertising spending in response to challenging economic conditions and the COVID-19 pandemic. On the other hand, the paper logged its best quarter for digital subscription growth yet, with 587,000 new users signing up as members. These gains occurred despite most of the core news offering being made freely accessible through the novel coronavirus pandemic. "The Times' business model," CEO Mark Thompson said, "with its growing focus on digital subscription growth and diminishing reliance on advertising, is very well positioned to ride out this storm and thrive in a post-pandemic world." Now what Thompson and his team see advertising falling by between 50% and 55% in the fiscal second quarter compared to just a 15% decrease last quarter. There is "limited visibility" beyond that point, too. However, the Times now counts over 4 million subscribers to its digital-only platform. That growing base should support cash flow while advertising sales are pressured across the media industry. 10 stocks we like better than The New York TimesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and The New York Times wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool recommends The New York Times. The Motley Fool has a disclosure policy.Source