Gannett offered the beaten-down newspaper industry a reason for cheer on Wednesday when it reported a second-quarter profit. Gannett said it accumulated a profit of $70.5 million, or 30 cents a share, against a year-before loss of $2.29 billion, or $10.03 a share. Not including items, earnings fell to 46 cents from $1.04 a share. Revenue dropped 18% to $1.41 billion.
Gannett, which operates 80 newspapers including its flagship USA Today, also reported a 32% decline in publishing advertising revenue - some data that are sure to bring executives back to their grim reality.
But they can hope that the Gannett numbers indicate that - at the very least - the worst is behind them.
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