Gannett's Web Growth Can't Cover Print Losses
The Wall Street Journal, Monday, April 18, 2011 12:09 PM
Gannett Co. on Monday said revenue from its digital division, which includes employment site CareerBuilder, was up 12.1% during the first quarter of the year. Digital revenue from across the company rose 12.4% and accounted for a fifth of its total revenue, reports The Wall Street Journal.
Read the whole story at The Wall Street Journal »
"Gannett, which publishes USA Today, among a host of other newspapers, continued to benefit from cost cuts and revenue growth at its digital operations, which it has been highlighting as an emerging force in the company's financial performance," WSJ reports.
Overall, however, Gannett's earnings fell 23% largely due to declining advertising revenue from its newspaper portfolio. Gannett's publishing-ad revenue fell 7.3%, with a 6.9% decline in the U.S. Gannett reported a profit of $90.5 million, or 37 cents a share, down from $117.2 million, or 49 cents a share, a year earlier.
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