Thursday, April 16, 2009

Gannett Profit Tumbles 60 Percent on Ad Declines

Gannett posted a 60-percent drop in first-quarter profit on Thursday on a lower advertising revenue, kicking off what might be one of the worst quarters yet for newspaper publishers.

The largest U.S. newspaper chain owner and publisher of USA Today, the nation's largest daily paper by circulation, reported net income of $77.7 million, or 34 cents a share, down from $191.8 million, or 84 cents a share, a year ago.

Revenue fell almost 18 percent to $1.38 billion.

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1 comment:

Anonymous said...

There are two t's at the end of Gannett.