Gannett Lifts FY23 Net Result View, Backs Revenue Forecast - Update

(RTTNews) - While announcing narrower loss and weak revenues in its second quarter, mass media holding company Gannett Co. (GCI) on Thursday raised its full year 2022 net result outlook and backed revenue forecast.

For the full year, the company now projects net result attributable to Gannett between a loss of $10 million and a net income of $20 million. The company previously expected net result attributable to Gannett between a loss of $15 million and net income of $15 million.

For 2023, the company continues to expect revenues of $2.75 billion to $2.80 billion and same store total revenues year-over-year drop of 3 percent to 5 percent.

In the second quarter, Gannett's net loss narrowed to $12.68 million or $0.09 per share from last year's loss of $53.69 million or $0.39 per share.

The company's revenue for the quarter fell 10.2 percent to $672.36 million from $748.66 million last year.

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