Gannett reports 22% drop in 2Q net income
Associated Press | Bloomberg News
Gannett says its publishing revenue declined 4.9 percent in the second quarter, while digital revenue rose 13 percent. Gannett also announced that it will double its quarterly dividend to 8 cents a share and that it plans to buy back as much as $100 million of shares over the next 12 months. || CEO Craig Dubow and president Gracia Martore took questions from analysts in their earnings call. (Jim Hopkins live-blogged it.) Here's what Martore said when asked about layoffs in the next quarter:
We have currently no intentions of looking at further reductions. But obviously, that has to be driven by each individual businesses, prospects and revenue opportunities going forward. But at the same time, we have been adding that in key Digital areas, as well as on the Broadcast division. We've been adding folks on the news side, as well as in the sales area. So it's really -- you can't just hone in on one specific division, you have to look at the company in totality and the varying performances in each one of our businesses.