USA Today publisher Gannett earnings fall short of estimates

USA Today publisher Gannett Co. Inc. said Wednesday it had a net loss of $11.9 million, or 10 cents a share, in the first quarter, wider than the $377,000 loss, or breakeven on a per-share basis, posted in the year-earlier period. Revenue fell to $663.4 million from $722.9 million. The FactSet consensus was for breakeven and revenue of $676 million. Chief Executive Robert Dickey said print advertising and circulation revenue were better than expected. "We also experienced robust new client acquisition in March and April that we believe will contribute to improved digital advertising and marketing services revenues in future quarters," he said in a statement. "Importantly, we are continuing to make progress on transitioning to a digitally-led product and revenue model, which we are confident will enhance growth and drive shareholder value." Digital revenue came to $254.8 million, or about 37% of total revenue. Digital ad and marketing services revenue came to $179 million, or 49% of ad revenue. The company said it still expects full-year revenue of $2.74 billion to $2.81 billion. Shares were not yet active premarket, but have fallen 3.7% in the last 12 months, while the S&P 500 has gained 11%.

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