GCI - Why Shares of Gannett Crashed This Morning
Shares of large news publisher Gannett (NYSE: GCI) traded nearly 26% lower as of 9:31 a.m. ET today after the company reported disappointing results for the second quarter of the year.
Gannett reported a loss of $0.39 per diluted share on total revenue of nearly $748.7 million, with both numbers widely missing analyst estimates.
In a statement accompanying the report, CEO Michael Reed said, "Our second quarter results and updated full year outlook reflect industrywide headwinds in digital advertising as well as rising costs and pressures on consumers which are impacting our near-term performance."
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Why Shares of Gannett Crashed This Morning