The media company reported a net loss of $54.1 million in the three months ending Sept. 30, compared with net income of $14.7 million in the same period a year earlier. The company expects a total net loss of $60 million to $70 million this year, an outlook it had forecast previously.
Gannett “continues to respond decisively to the ongoing macroeconomic volatility and inflationary pressures,” CEO and Chairman Michael Reed said in a release.
The latest results come after a “challenging” second quarter, which was followed by Gannett laying off roughly 400 employees, or 3% of its U.S. workforce, to trim costs.
Reed said the company continues to work toward $200 million to $240 million in annualized cost savings.
Like many industries, Gannett faces a difficult economic environment that includes soaring inflation, labor shortages and price-sensitive consumers.
Last month, Gannett said it would pause its 401(k) match and most hiring, offer employees a voluntary severance plan and have workers take five days of unpaid leave. Reed also plans to reduce his salary through the end of 2023.
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