Gannett first-quarter profit down 23%
Gannett's publishing revenue (advertising and circulation) declined 6.2 percent while digital revenue rose 12 percent in the first quarter. Total revenue fell 3.7 percent to $1.25 billion, matching the average analysts’ estimate. || Read Gannett's release.
"Our publishing segment results for the quarter reflect the current state of the domestic economy with strength in the auto and employment sectors," CEO Craig Dubow said. Management vowed to continue its efforts to lower expenses to increase efficiencies, "particularly in the publishing segment," Dubow added. [TheStreet.com]