Gannett's Q3 2022 results reflect ongoing challenges from macroeconomic volatility and inflationary pressures, but also highlight progress in the digital transformation. Total revenues decreased by 10.3%, and the company reported a net loss of $54.1 million. However, digital-only paid subscribers grew by 28.5% year-over-year, and the Digital Marketing Solutions business achieved record high core platform revenue.
Total revenues decreased by 10.3% to $717.9 million compared to Q3 2021.
Digital-only paid subscribers reached 1.98 million, a 28.5% increase year-over-year.
Digital Marketing Solutions segment revenues increased 3.4% year-over-year on a same store basis, with record high core platform revenues of $118.7 million.
The company repaid $24.3 million in debt during the quarter.
The Company reiterates its full year outlook. The Company's estimates do not factor in the impact of any future acquisitions or dispositions.
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