USA Today parent Gannett shares jump 7% premarket as company swings to profit and tops estimates

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Gannett Co. Inc. shares
GCI,
+2.40%
jumped 7% in premarket trade Friday, after the USA Today parent posted a surprise profit for the second quarter as revenue topped estimates. Gannett posted net income of $22.6 million, or 10 cents a share, after a loss of $436.9 million, or $3.32 a share, in the year-earlier period. Revenue rose to $804.3 million from $767.0 million a year ago. The FactSet consensus was for a loss per share of 23 cents and revenue of $791 million. “Digital-only subscriber growth continued to set new records in the second quarter of 2021, ending the quarter at approximately 1.4 million, up 41% compared to a year ago,” Chief Executive Michael Reed said in a statement. Digital revenues came to $259.3 million, or 32.2% of overall revenue. Total platform customers rose to 15,000, up 10.6% from the prior quarter. Shares have gained 65% in the year to date, while the S&P 500
SPX,
+0.60%
has gained about 18%.

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