THE RESULTS: Gannett Co., the publisher of USA Today and 81 other daily newspapers, reported a slight decline in its third-quarter net income and revenue on Monday amid a persistent weakness in the newspaper advertising market.
INVESTOR REACTION: The results met Wall Street’s expectations but were not enough to reassure investors. The company’s stock dropped. Stocks of other newspaper companies also traded lower.
DIGITAL GROWTH: Revenue at Gannett’s digital division grew 10 percent to $174 million thanks largely to its CareerBuilder website. Across all of Gannett’s digital properties, which include revenue generated by its newspaper websites, revenue also grew 10 percent, to $273 million.