Gannett Shares Fall 2.5% After Reporting Q2 Earnings Below Expectations

Shares of Gannett Co. Inc. fell 2.5% premarket on Wednesday after the company reported second-quarter earnings just shy of Wall Street expectations. Net income for the quarter came in at $12.3 million, or 10 cents per share, compared with $53.3 million, or 46 cents during the same period a year ago. Adjusted earnings per share was 30 cents, just below the FactSet consensus of 31 cents per share. Revenue for the quarter hit $748.8 million, compared with $727.1 million and below the FactSet consensus of $776.0 million. Gannett said digital-only subscriptions grew 40% during the quarter and national digital advertising revenue was up 22.4%. Shares of the media company are down close to 12% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.