Gannett Posts Flat Q1 Revenue Overall, Digital Does Better

Gannett posted revenues of $668.9 million in its Q1, a 10.6% decrease YoY. But digital revenues were strong, hitting $257.5 million, 37% of the company total, a 0.9% falloff from 2022.  

Overall net income totaled $10.3 million in Q1, adjustable to $5.8 million, versus a $3 million net loss in the same period of 2022.

“We made significant progress across the majority of our key financial measures, and we believe our results demonstrate the effectiveness of the measures we implemented in the latter half of 2022 to position the Company for long-term success”, said Michael Reed, Gannett Chairman and Chief Executive Officer. 

That included layoffs.



Reed continues that in the first quarter,” our digital-only businesses delivered solid results with 15% year-over-year growth in digital-only paid subscriptions and approximately 20% year-over-year growth in digital-only circulation revenues on a same store basis. 

He adds, “Our Digital Marketing Solutions business also sustained a high level of performance, exhibited robust growth in core platform revenues compared to the prior year period, and achieved strong Adjusted EBITDA margins.”

The company reported these results:

Digital-only circulation revenues hit $35.8 million an18.9% hike year-over-year and 19.9% on a same-store basis. 

Digital Marketing Solutions revenues grew by 2.8% to $112.8 million, a 3.4% increase on a same store basis)

Digital-only paid subscriptions reached 2.02, up 15.4% 

There were 186 million average monthly unique visitors in the first quarter of 2023 with 135 million average monthly unique visitos from Gannett’s USA Today Network, based on the March based on March 2023 Comscore Media Metrix.

The company made “measurable progress in debt reduction, having repaid $37 million in the first quarter, while maintaining a healthy balance sheet and strong liquidity position," Reed said.  


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