Gannett Q2 net loss $53.7M, revenue down 6.9%; cuts full-year outlook, implements cost reductions

USA TODAY Co., Inc.

2022-Q2 EPS reported -$0.41 revenue$1,496,737,000

Total revenues $748.7M, down 6.9% YoY; same-store revenue down 6.3%.
Net loss attributable to Gannett $53.7M; adjusted net loss $26.9M.
Digital-only paid subscribers 1.87M, up 35% YoY; total digital revenues $261.8M (35% of total).
Adjusted EBITDA $50.9M, down 56.1% YoY; margin 6.8%.
Company announces cost reduction program in legacy print and plans to repay $150M-$200M debt in 2022.

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