Why USA TODAY Parent Gannett's Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
Gannett Co., Inc. (NYSE:GCI) shares are trading higher after the company reported better-than-expected Q2 results. Despite a 10.2% YoY sales decline to $672.36 million, the figure beat the consensus of $624.41 million. Adjusted EBITDA grew by 39.9% YoY to $71.2 million. Total digital revenues were $262.1 million, up 0.8% YoY. The company reiterated its FY23 sales guidance of $2.75 billion-$2.80 billion and raised its 2023 outlook for net income.
August 04, 2023 | 1:52 pm
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Gannett's better-than-expected Q2 results and positive outlook for FY23 could boost investor confidence and drive the stock price up in the short term.
Gannett's Q2 results exceeded expectations, with a smaller loss than anticipated and a YoY increase in adjusted EBITDA. The company's positive outlook for FY23, including a reiteration of its sales guidance and an increase in its net income forecast, could boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100