Loading...
•
Jun 30, 2022
Gannett Q2 2022 Earnings Report
Reported a net loss and declining revenues due to industry-wide headwinds and rising costs, while digital transformation efforts showed progress with subscriber growth and digital marketing solutions revenue.
Key Takeaways
Gannett's Q2 2022 results reflect industry challenges with a net loss of $53.7 million and a 6.9% decrease in total revenues. However, digital-only paid subscribers grew by 35% year-over-year, and Digital Marketing Solutions achieved record core platform revenues.
Total revenues decreased by 6.9% compared to Q2 2021, totaling $748.7 million.
Digital-only paid subscribers reached 1.87 million, a 35% increase year-over-year.
Digital Marketing Solutions core platform revenues hit a record high of $116.4 million, up 11.2% year-over-year.
The company is implementing a cost reduction program focused on its legacy print business to address economic headwinds.
Forward Guidance
Based on current economic conditions, the Company is revising its full year outlook. The Company's estimates do not factor in the impact of any future acquisitions or dispositions.
Positive Outlook
- Ending Digital-only subscribers 2.0M to 2.2M
- Strategic reductions to our cost structure
- Identified additional non-strategic and real estate assets to bring to market
- Focused on repaying $150 million to $200 million of debt in 2022
- Robust balance sheet
Challenges Ahead
- Revenues $2.95B to $3.0B
- Same-store total revenues Year-Over-Year (7)% to (6)%
- Net income (loss) attributable to Gannett $(70)M to $(60)M
- Cash provided by operating activities $45M to $65M
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...