Gannett Reports Smaller Fourth Quarter Profit
Gannett Co, the largest U.S. newspaper publisher, reported fourth quarter results Monday that delivered on Wall Street’s expectations but still showed a marked decline in advertising revenues.
The company’s total revenues for the quarter were $1.39 billion, down from $1.46 billion the year before, while net income was $116.9 million, down 32 percent from $174 million the year prior. Also, the company spent $40 million after tax on severance and other “workforce restructuring” initiatives, one reason why the company’s profits fell so dramatically.
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