Gannett Down 8.2% on Lower Than Expected Q1 Revenues

Gannett Co GCI is trading lower on the session following its Q1 earnings announcement this morning. The company reported an EPS $0.34 vs $0.31 estimate and revenues $1.22 billion vs $1.24 billion estimate. Gracia Martore, president and chief executive officer of Gannett, said, "We are pleased with the progress we are making on the strategic initiatives underway across the company that will position Gannett for success in the digital age. Key highlights from the first quarter include launching a new all-access, all-platform content subscription model in six markets, rolling out Digital Marketing Services in our top markets and paving the way for important new advertising and marketing revenue opportunities through the expansion of our USA TODAY Sports Media Group." Gannett is currently trading at $13.80, a loss of $1.24 or 8.24%.