When Gannett reported unexpectedly deep revenue declines for its second quarter, that raised a question that has lingered: How much improvement could the company achieve in the third quarter?
The answer came Thursday. At the nation’s largest newspaper company, with 200-plus dailies, the bottom line was the same — an identical third quarter loss of $54 million and a 10% year-to-year revenue decline. CEO Mike Reed told analysts, as he had in August, that he does not expect revenue to head back up until sometime in 2024.
At the same time, Reed said, “we do see some wins.”
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