Given the salary cuts. The 1400 in job losses announced this month. The institution of unpaid leave for staffers. The closure of the Tucson newspaper. And – above all – the steep decline in advertising revenue at local newspapers.
You put all that together, and it could be regarded as something of a surprise that Gannett managed to handily beat its earnings expectations.
Granted, revenues declined 26% in its print publications and 21% in its broadcasting operations. Still, the company reversed the loss recorded in the year-earlier period, and posted 46 cents a share in operating profits in the quarter, well ahead of the forecast of a profit of 36 cents a share.
Still, the advertising environment has remained uneviably toxic, with publishing advertising dropping nearly one third in the quarter, with little indication that fundamentals have turned around. Nevertheless, following its 56% year-to-date decline in market value, the stock has jumped nearly 20% in Wednesday’s trading.
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