Digital ad revenue is still down but digital subscription revenue is a bright spot in Gannett’s Q2 earnings
The tides have turned for the better for at least one publisher’s digital business, thanks in large part to subscriptions and optimism for an improving ad market. That’s according to Gannett’s latest earnings report, which was published Thursday morning.
Even though total operating revenues saw less than ideal trends — a decrease of 10.2% year over year to $672.4 million — the company’s digital revenues did increase marginally in Q2 by 0.8% year over year on a same store basis to $262.1 million, per the company’s earnings.
Despite the positivity, the company is still projected to earn between $2.75-2.8 billion in total revenue for the full year 2023, same as what it projected in May during its Q1 earnings report, which would be a 3-5% decrease year over year. Gannett did, however, modify several of its projections for the better, including adjusted EBITDA from the range of $285 million-$305 million to $290 million-$310 million and projected free cash flow also improved from $85 million-$105 million to $90 million-$110 million.
Continue reading this article on digiday.com. Sign up for Digiday newsletters to get the latest on media, marketing and the future of TV.
Source:: Digiday
