Projo’s Parent Co. Stock Plummets 25% After Announcing Falling Earnings

Projo’s Parent Co. Stock Plummets 25% After Announcing Falling Earnings

Gannett's stock fell about 25% on Thursday after the company lowered its full-year revenue outlook, which was seen below estimates.

The McLean, Va.-based company owns the Providence Journal, Newport Daily News, and the Worcester Telegram, to name but a few.

The stock at 1 PM on Thursday was trading at $1.60 as a share — the stock has fallen 55% from its 52-week high.

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The company now expects FY23 revenue to be between $2.65B and $2.67B, compared to the prior range of $2.75B to $2.80B provided during Q2 results in August.  

According to the company’s third-quarter filings  — total revenues of $652.9 million decreased 9.1% compared to the third quarter of 2022.

Same-store revenues decreased 8.4% compared to the third quarter of 2022, as compared to a decrease of 8.6% in the second quarter of 2023.

Total Digital revenues dipped about 2.8% year-over-year to $263.64M.

CEO Mike Reed said in a statement, "Our financial results for the third quarter reflect the continued progress on our strategy and our resilience in successfully navigating a challenging operating environment for our advertising clients. The positive momentum observed in our key financial metrics underscores our relentless effort to execute on our strategy, which we believe will result in long term sustainable revenue and profit growth, along with much lower debt levels."