Media Giant's Earnings Not So Big

Image via WikipediaFirst-quarter earnings for media conglomerate Gannett Co. plunged 23 percent compared to a year ago, while revenues dropped 4 percent compared to the first quarter results in 2010, according to The Huffington Post.

The owner of USA Today and 80 other newspaper posted earnings of $90.5 million or 37 cents a share this quarter, compared to 2010 figures of $117.2 million or 49 cents a share. Likewise, revenues slipped 4 percent to $1.25 billion, from $1.3 billion a year ago. The company missed analysts' earnings projections, continuing the bad news that has seen company-wide staff furloughs and shrinking ad revenues (see "TUOL" posts 2/14/11, 1/5/11).