USA Today parent Gannett earnings fall short of estimates


Gannett Co. Inc. GCI, -8.89% said Friday it had net income of $22.3 million, or 9 cents a share, in the third quarter, after a loss of $31.3 million, or 24 cents a share, in the year-earlier period. Revenue edged down to $800.2 million from $814.5 million. Both numbers were below the FactSet consensus of 12 cents a share and $818 million in revenue. The company said it has record digital-only subscriber growth of 46% to more than 1.5 million paid subscribers. CEO Michael Reed said the USA Today parent is still in the early stages of a transition to a digitally focused content platform. Digital revenue rose to $265 million, or 33.1% of total revenue, up 17.8% over the prior-year period on a same store basis. Digital circulation revenue rose 26.6% to $25.7 million. Shares have gained 87.5% in the year to date, while the S&P 500 SPX, +0.37% has gained 24.6%.

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