Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Bad third-quarter earnings put the 'Ga!' in 'Gannett'

Here's how low expectations for the newspaper industry are right now: McLean's Gannett, the nation's largest newspaper chain, said its third-quarter profit was down 53 percent, but results beat expectations, so the company's stock is up 7 percent on the day.

Gannett, which publishes USA Today and 83 other newspapers in the U.S., along with some 200 in the U.K., said earnings for the third quarter were 31 cents per share, compared with 69 cents per share in the third quarter of last year, as advertising revenue continues to shrink.

Ad revenue for the most recent quarter was down 28 percent. Overall revenue was down 18 percent. U.S. classified revenue was down 34 percent.

Gannett chief executive Craig Dubow said the quarter ended on an uptick.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  October 19, 2009; 1:12 PM ET
Categories:  The Ticker  | Tags: Gannett  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Why third-quarter earnings matter so much
Next: S&P 500 briefly breaks 1100 before retreating

No comments have been posted to this entry.

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company