Gannett revenue declines sharply
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Gannett Co., the nation’s largest newspaper publisher, reported a 36% drop in second-quarter earnings as the newspaper industry’s woes caused a sharp decline in revenue.
The McLean, Va., company reported profit of $233 million, or $1.02 a share, compared with $366 million, or $1.56, in the year-earlier quarter.
Gannett shares dropped 78 cents, or 4.5%, to $16.57.
The publisher of the nation’s largest newspaper, USA Today, and 84 other dailies sold several papers in the year-ago quarter that added 32 cents a share to earnings. Excluding the sale, profit fell 18%.
Quarterly revenue fell 10% to $1.72 billion.
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