Gannett 3Q profits down 32 pct on lower ad revenue

The results from the largest U.S. newspaper publisher are largely in line with Wall Street expectations.

The company's net income was $158 million, or 69 cents a share, on revenue of $1.64 billion. A year ago, it was $234 million, or $1.01 per share.

Revenue was higher than the $1.61 billion analysts predicted but 9 percent below last year.

Excluding severance costs, Gannett would have earned 76 cents a share. Analysts polled by Thomson Reuters expected 75 cents per share.

The economic downturn has depressed an advertising market already weakened by readers migrating to the Internet.