Gannett Profits Jump 50 Percent In Q1 Earnings Report

gannett-logo.jpgGannett 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 seems to have slowed down the pace of its cuts; in 2009, it laid off 1400 people in one fell swoop and instituted a wage freeze at all non-USA Today papers. Earlier this year it lifted that freeze.