Shares of Gannett, publisher of USA Today, experienced a decline in value following the company's announcement of a reduced sales forecast for the full year and a drop in third-quarter revenue.
Share Value Decreases
In morning trading, Gannett's stock fell by 17% to $1.91. This year alone, shares have decreased by 6%.
Third-Quarter Revenue Decline
Gannett reported third-quarter revenue of $652.9 million, indicating a 9% decrease compared to the previous year. However, the company managed to narrow its loss from 39 cents per share to 2 cents per share over the same period.
Lowered Revenue Outlook
Gannett now anticipates revenue for the full year to range from $2.65 billion to $2.67 billion. This marks a downward revision from the company's previous revenue outlook of $2.75 billion to $2.80 billion.
Despite the challenges, Gannett highlighted some positive aspects in its report. The average revenue per digital user increased by 14% compared to the previous year, reaching $6.82. Furthermore, digital-only paid subscriptions saw a slight uptick of 0.7% sequentially in the third quarter, following declines in the first two quarters of the year.
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