GCI - Why Gannett's Stock Dived by 15% on Thursday
2023-11-02 20:17:05 ET
Media company Gannett (NYSE: GCI) published its latest set of quarterly figures before market open Thursday. Perhaps, though, this was one news item it might have preferred to spike -- the company fell short of analyst estimates on both its trailing results and on its guidance. As a result, its share price closed the day more than 15% lower, while the S&P 500 index was in positive territory with a 1.9% gain.
For its third quarter, Gannett earned just under $653 million in revenue . This was 9% below the figure in the same period of 2022. Of that, the company's digital properties brought in nearly $264 million to constitute 40% of the total. Meanwhile, the company's attributable net loss narrowed significantly to just under $2.6 million ($0.02 per share) from the year-ago deficit of more than $54 million.
Neither headline figure met analyst expectations. Collectively, the pundits tracking the stock were anticipating just over $660 million on the top line and a narrower per-share loss of $0.01.
For further details see:
Why Gannett's Stock Dived by 15% on Thursday