Gannett Profits Jump 50 Percent In Q1 Earnings Report
Gannett Co., the nation’s largest newspaper company, reported this morning its first-quarter profits rose by 50 percent. The company earned $117.2 million, or 49 cents per share, compared with $77.4 million, or 34 cents per share, a year earlier.
Meanwhile, first quarter revenue fell 4 percent from a year earlier; ad revenue fell 8 percent. But cost-cutting (costs fell by 9 percent) and Olympics revenue from Gannett’s TV broadcasting segment (the segment as a whole saw revenue grow nearly 17 percent) offset the revenue drop.
Gannett
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