Wednesday, July 16, 2008

Gannett earnings

If you want abject numbers on the woe in the newspaper business, here they are from this morning's Gannett release:

2nd quarter 2008
  • Profit down 36% to $233 million, $1.02/share from $366 million, $1.56/share
  • Revenue down 10% to $1.72 billion
  • Advertising overall down 14% -- 8% retail and a staggering 9% classified (staggering, but not surprising)
  • Advertising down 17% at USA Today
For the year, earnings down 26% to $424.5 million, or $1.85 per share.

Those are astounding, though as noted, not surprising numbers.

More from Gannett Blog.

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At 7/21/08, 10:08 PM, Blogger journalismguy said...

Seemingly the news gets worse and worse about journalism, Doug. One of our best students at Winthrop(a graduate of a couple years back) just emailed to say he's leaving The (R.H.) Herald for a better opportunity on the Charlotte Business Journal. Can't blame him at all. Such are the times we live in. The times in journalism--they are a hurtin!

At 7/22/08, 9:50 AM, Blogger Doug Fisher said...

But, look on the bright side, at least CBJ is still journalism.


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