Morgan Stanley analyst Lisa Monaco didn’t find a ton of good things to say about The New York Times Co.’s second-quarter earnings report on Wednesday. She even took a swipe at the company’s digital operations, which are supposed to be the parts of the newspaper business that are growing.

Here’s an excerpt from her report to investors:

- Of particular concern is the slowdown in online revenue growth. The company has made significant investments in new digital products where results have been spotty at best in our view.

Wasn’t the Internet supposed to be the future of the newspaper business? The Times’ results — online revenue rose 23 percent in the second quarter, down from 34 percent growth in the quarter last year. Is this a bucketful of cold water on all that talk about the Internet being the one bright spot in an otherwise dismal business climate?

Not necessarily: Online revenue now accounts for more than 10 percent of the company’s total revenue, Chief Executive Janet Robinson said on Tuesday. As many analysts have said, it’s tough to keep growth rocketing as the percentage gets larger.

Monaco also happens to work for Morgan Stanley, home of money manager Hassan Elmasry. He’s the guy pushing the Sulzberger family that runs the company to scrap the share structure that gives non-family investors less power.

Is this a case of law of large numbers or is the Times’s Internet strategy broken? Let us know what you think!