Monday, February 1, 2010

Gannett profit beats estimates on cost cuts

Gannett Co Inc posted a better-than-expected quarterly profit as cost cutting at the largest U.S. newspaper chain helped overcome a 14 percent decline in revenue on shrinking advertising sales. Nevertheless, shares of Gannett slipped 7 percent in pre-market trade on Monday, giving back some gains after the stock improved by 7 percent in the past month. Gannett shares have risen over 47 percent since October. Reuters

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