WDET News
- Gannett 2Q Earnings Fall
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Jul 16, 2008Automotive & Business
Gannett Company, owner of the Detroit Free Press, is posting lower earnings for the second quarter. WDET’s Jerome Vaughn has more.
SOQ
Gannett earned $233 million between the beginning of April and the end of June. That’s a drop of 36 percent compared to the same period of 2007.
The results of a dollar-two per share matched Wall Street analysts’ average expectations.
Revenues for the quarter fell to one-point-seven-two billion dollars -- down 10 percent from year ago levels.
The country’s largest newspaper publisher says lower advertising revenues hurt the company’s overall bottom line.
But Gannett officials say they expect to see ad revenues rise in coming months as the Olympics take place and the fall election season heats up.
Gannett owns 85 daily newspapers in the U.S.