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Gannett provides upbeat revenue outlook on advertising rebound

USA Today parent Gannett Co. Inc. provided a fourth-quarter revenue outlook that was above expectations, amid strength in advertising. The media company expects revenue of $865 million to $875 million, up from $699.3 million a year ago. The one analyst that provided an estimate with FactSet was expecting $857 million. Gannett also expects a net loss of $135 million to $130 million. “Revenue improvement was primarily driven by a continued rebound in our advertising trends, both print and digital,” said Chief Executive Michael Reed. “We also continued to see strong digital-only circulation pro forma revenue performance with an increase of approximately 46% year-over-year.” The stock, which is still inactive in premarket trading, has soared 171.9% over the past three months while the S&P 500 has gained 10.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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