By: E&P Staff
Gannett Co. Inc. reported after markets closed Tuesday that its May revenue dropped 10.9% from the year before on weak newspaper results that included real estate classified revenues that fell by more than a third.
Gannett said its newspaper and publishing advertising revenue dropped 14.1%, assuming a constant exchange rate with the British pound.
U.S. community newspaper classified ad revenue plunged 20.5% in May on eye-popping declines in its three main categories.
Real estate classified revenue sank 33.1%, while help-wanted dropped 28.4% — results that almost made the 10.1% decline in automotive seem not so bad.
Gannett’s overall retail advertising revenue, including results from its British papers, declined 9.7%, with weaknesses in U.S. papers coming from the department stores, furniture, consumer electronics and telecommunications categories.
National advertising revenue for the month period dropped 15.4%.
At USA Today, advertising revenue fell 18.4% lower on paid ad pages of 260, down from 324 in May 2007.
Gannett said strength in the travel and entertainment categories at USA Today was offset by softness in the automotive, technology, retail, home and building, financial, advocacy, packaged goods and telecommunications categories.
Gannett stock (NYSE: GCI) ended the day at $25.57, off 13 cents, or 0.51%.