Shares of USA Today parent Gannett Co. Inc. (GCI) gained 1.1% in premarket trading Thursday, following the media company's second-quarter earnings report. Gannett reported narrowed losses from the previous year and an improved full-year bottom-line outlook.
Q2 Financial Highlights
- Net losses decreased to $12.7 million, or 9 cents a share, compared to $53.7 million, or 39 cents a share, in the year-ago period.
- Revenue fell by 10.2% to $672.36 million.
- Advertising and marketing services revenue declined by 7.9% to $353.31 million.
- Circulation revenue dropped by 14.9% to $233.61 million.
- Digital-only subscription revenue increased by 16.6% to $37.9 million.
- Digital-only average revenue per user grew by 6.2% to $6.35.
- Average monthly unique visitors reached 185 million.
Revised Full-Year Outlook
Gannett affirmed its revenue outlook of $2.75 billion to $2.80 billion for the year 2023. However, the company raised its net income outlook from a loss of $15 million to income of $15 million, to a loss of $10 million to income of $20 million.
Stock Performance
Year-to-date, Gannett's stock has soared by 35.5%, outperforming the S&P 500, which has gained 17.6%.
PREVIOUS POST
Improved Financial Performance for Lightspeed Commerce
NEXT POST
