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
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October 19, 2009; 1:12 PM ET
Categories: The Ticker | Tags: Gannett
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