Posted in Politics

Gannett suffers

   July 17, 2008

Gannett Blog reports:

In a much-anticipated report, Gannett just disclosed that earnings dived 36% from a year ago, on a worse-than-expected drop in revenue. Chairman and CEO Craig Dubow said the near-term outlook is grim. Flagship USA Today’s sales tanked dramatically. Shares swooned to new 20-year lows.

The beleaguered company’s profits sank to $232.7 million, or $1.02 a share, from $365.7 million, or $1.56 a share, a year ago. Revenue totaled $1.72 billion, down 10% from last year. Wall Street analysts had expected $1.02 a share in profits, but $1.74 billion in revenue, Yahoo Finance says.

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