Gannett Co. (GCI) reported a significant increase in losses for the third quarter compared to the same period last year, falling short of Wall Street's expectations.
The company recorded a net loss of $19.65 million, or $0.14 per share, worsening from last year's third-quarter loss of $2.57 million, or $0.02 per share.
Market analysts, as aggregated by Thomson Reuters, had anticipated a narrower loss of $0.07 per share, with these estimates generally excluding any exceptional items.
Additionally, Gannett's revenue for the quarter declined by 6.2%, decreasing to $612.44 million from $652.87 million the previous year.
A summary of Gannett Co.'s performance under Generally Accepted Accounting Principles (GAAP) for the third quarter is as follows: a net loss of $19.65 million compared to $2.57 million last year, an earnings per share (EPS) of $0.14 versus $0.02 in the prior year, and a revenue of $612.44 million compared to $652.87 million last year.
