By Mike Sunnucks | Rose Law Group Reporter
Shares of Gannett Co. Inc. were down Friday after the newspaper publisher missed analysts’ third quarter expectations.
Gannett — which owns the Arizona Republic, USA Today and other newspapers — posted third quarter revenue of $800.2 million and net income of $22.3 million or 9 cents per share
Those fell short of analysts expectations of $818 million in revenue and earnings of 12 cents per share.
Gannett shares were down in Friday trading.
Quarterly revenues were down 1.8% compared to a year ago ($814.5 million)
Publishing revenue for the 3Q 2021 were $715.8 million compared to $732.2 million a year ago.
Gannett lost $31.26 million a year ago, according to the company’s filings Friday.
The Virginia-based publisher did report an upswing in digital revenue. They accounted for $265 million or 33.1% of total revenue.
Newspapers continue to be challenged by the COVID economy, social media and changes in consumer and advertising trends.
Gannett reported a same-store circulation drop of 8.2% compared to a year ago.
