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Shares of news media giant Gannett (NYSE: GCI) jumped after the company beat earnings this morning, and are following peer The New York Times Company higher -- up 10.3% as of noon EDT.
Heading into the second quarter, analysts had forecast that Gannett would lose as much as $0.36 per share this quarter on sales of only $791 million. In fact, Gannet reported $804.3 million in revenue -- and $0.10 per share in profit.