Gannett Co Inc (NYSE:GCI) had a rough Thursday following its fiscal third-quarter report.
The media company announced that it earned a loss of $24.24 million, or about 21 cents per share for its most recent period. A year ago, Gannett earned $39.17 million, amounting to 33 cents per share over the course of the quarter.
On an adjusted basis, the company earned six cents per share, missing the 19 cents per share that analysts polled by FactSet were calling for. Net sales amounted to $772.32 million during the quarter, topping the year-ago’s $701.24 million, as well as the average analyst projection of $752.00 million.
For its current fourth quarter, Gannett is slated to see revenue rise 14% to 16%, better than the 8.3% increase predicted by Wall Street. Additionally, the company is looking to cut its workstaff by laying of 2% of its workforce, amounting to 350 workers.
Its print ad revenue has been disappointing lately, amounting to losses between 5% and 8% at many of its more than 100 properties, forcing the company to reduce its workforce.
Gannett was expected to make a major announcement this morning surrounding the acquisition of publisher Tronc Inc (NASDAQ:TRNC). The company publishes a number of major papers, including The Los Angeles Times, the Chicago Tribune and the Baltimore Sun.
The deal was expected to reach $1 billion.
GCI shares have been slumping all day, sinking an incredible 15.5% Thursday. TRNC shares fell an even-more dismal 21.3%.