Gannett Posts Better Than Expected Third Quarter Results

Gannett (NYSE:GCI) reported its third quarter earnings this morning, beating Wall Street expectations. The media company posted EPS of 56 cents, higher than the 53 cents analysts were expecting. Revenue for the quarter rose 3.4 percent to $1.31 billion, also above the average estimate of $1.29 billion.

President and CEO Gracia Martore said in their press release the company saw record third quarter results for their broadcasting segment as well as continuing growth in their digital assets. She added their growth in the quarter demonstrates their new strategy they announced back in February is finally gaining traction.

Investors not happy with these results though. Gannett's stock is currently down over a half a percent to $17.78.