Gannett Co., Inc. (NYSE:GCI) shares are trading higher after registering Street-beating performance in the second quarter of FY23. 

The company reported a Q2 sales decline of 10.2% year-on-year to $672.36 million, beating the consensus of $624.41 million.

The media and marketing solutions company reported an adjusted EPS of $(0.04) loss, beating the consensus of $(0.05) loss.

In Q2, Adjusted EBITDA grew by 39.9% year-over-year to $71.2 million, reflecting a margin of 10.6% (+380 bps).

Total digital revenues were $262.1 million, or 39.0% of total revenues, up 0.8% Y/Y on a same-store basis.

As of June 30, 2023, the company had cash and equivalents of $106.63 million. The total principal amount of debt outstanding was $1.219 billion.

"We expect sustained improvement in same store revenue trends throughout the second half of the year, alongside more substantial growth in our digital revenue trends," said Chairman and Chief Executive Officer Michael Reed.

"Our strong performance expected in the latter half of this year also extends to Adjusted EBITDA and free cash flow...," Reed added.

The company raised its 2023 outlook for net income (loss) to be

The company forecasts further improvement to digital growth trend in Q3.

Price Action: GCI shares are trading higher by 15.8% at $3.1850 on the last check Thursday.