The New York Times Co missed revenue projections for the third quarter on Wednesday as recession-averse companies cut back on digital advertising and readers reconsidered premium subscriptions.

In recent months, high inflation and rising interest rates have reduced marketing spending across industries, which has hurt the profits of ad-dependent businesses like Snap Inc (NYSE:SNAP) and Pinterest Inc (NYSE:PINS).

Consumer spending has also decreased, which has offset the publisher’s plans to increase revenue by packaging its core news reporting with digital material like podcasts, cooking instructions, and games.

According to Refinitiv statistics, The Times’ first-quarter revenue was $560.7 million as compared to analysts’ projections of $571 million.

Its digital advertising revenue decreased nearly 9% to $61.3 million.

Comparing the first quarter to the previous quarter, the publisher added 190,000 digital-only members. By 2027, 15 million subscribers are the company’s target.

The Times revealed in a separate statement that it had replaced Roland Caputo, who had announced his retirement in December, as its chief financial officer with strategic director William Bardeen.