Gannett 3Q profits down 32 pct on lower ad revenue

NEW YORK - Gannett Co. is reporting that its third-quarter profits fell 32 percent because its advertising revenue fell compared with last year.

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By (AP)

Published: Fri 24 Oct 2008, 7:50 PM

Last updated: Sun 5 Apr 2015, 2:25 PM

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.

(AP)

Published: Fri 24 Oct 2008, 7:50 PM

Last updated: Sun 5 Apr 2015, 2:25 PM

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