USA Today parent Gannett's stock gains after losses narrow, full-year outlook raised

Shares of USA Today parent Gannett Co. Inc. gained 1.1% in premarket trading Thursday, after the media company reported reported second-quarter losses that narrowed from a year ago and boosted its full-year bottom-line outlook. Net losses narrowed to $12.7 million, or 9 cents a share, from $53.7 million, or 39 cents a share, in the year-ago period. Revenue fell 10.2% to $672.36 million, as advertising and marketing services revenue declined 7.9% to $353.31 million and circulation revenue dropped 14.9% to $233.61 million. There were not enough analyst estimates to have a FactSet consensus. Digital-only subscription revenue increased 16.6% to $37.9 million and digital-only average revenue per user grew 6.2% to $6.35, while average monthly unique visitors were 185 million. For 2023, the company affirmed its revenue outlook of $2.75 billion to $2.80 billion but raised its net income outlook to a loss of $10 million to income of $20 million from a loss of $15 million to income of $15 million. The stock has soared 35.5% year to date through Wednesday while the S&P 500 has gained 17.6%.

-Tomi Kilgore

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08-03-23 0736ET

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