Monday, October 19, 2009

Gannett Ad Sales Still Dropping Despite 3Q Profit

Net income at Gannett Co. fell 53 percent in the third quarter as the nation's largest newspaper publisher endured another big decline in ad revenue.

The earnings report, released Monday, was the latest to show how newspaper companies have been using cost cutting to stave off losses even as their main source of revenue withers. The results were good enough to send Gannett shares up $1.06, or more than 8 percent, to $14.06 in afternoon trading.

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