Gannett's Profits Plummet 60 Percent
Gannett Co., the U.S.’s largest newspaper publisher, reported a 60 percent decline in first-quarter profits today and a 34 percent drop in advertising revenue, a decline the company said in its earnings statement is accelerating, not slowing.
Gannett’s net profit last quarter was 77.7 million dollars, down from 191.8 million in Q1 2008. Revenue fell as well, though not by as big a margin: the company took in 1.4 million this quarter compared to 1.7 million the same time last year.
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