GCI - Gannett +23% on positive Q3 trends better-than-expected loss

Gannett (GCI) has jumped 23.3% and has been steadily climbing in the past hour after its Q3 earnings surprised with a better-than-expected loss and sequential improvement. Some measures are not evenly comparable year-over-year, as a year ago the company was New Media Investment Group, until the Nov. 19 completion of its acquisition of legacy Gannett. Revenues rose 116% reflecting that acquisition, to $814.5M. On a same-store, pro forma basis, revenues fell 19.6% amid unfavorable impact from COVID-19 - but that improved from -28% Y/Y in the second quarter. Digital advertising and marketing services revenues hit $197.2M - 24.2% of the total. And a GAAP net loss of $31.3M reflected $61.4M in depreciation and amortization. Adjusted EBITDA rose to $88M from last quarter's $78M. That's "particularly encouraging given the seasonal drag that we usually experience in the third quarter," says Chairman/CEO Michael Reed. The company also surpassed 1M digital subscriptions thanks

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Gannett +23% on positive Q3 trends, better-than-expected loss