Gannett 3rd Quarter Results Released
Third quarter results from Gannett showed that its overall net earnings dropped by 33% and as we said last time we covered their results, the decline was largely due to the newspaper division. Lucky for Gannett, there were two major events that occurred in Q3’ to aid their television numbers (Olympics and the Presidential Election), but in the end, the increases seen here were not enough to cover their print losses.
- Actual net revenue numbers reported show that in Q3’ of this year, Gannett earned $158 million, where as in Q3’ of last year they earned $234 million.
- When looking at the newspapers alone, reports show that their collective revenues fell by 15.9%.
- Online revenues however were up 15%.
After the Q3’ results were released, Gannett’s stock fell by 7 per cent.
