Why Shares of Gannett Are Falling Today

Shares of Gannett (NYSE: GCI), America's largest newspaper publisher, traded more than 13% lower as of 10:53 a.m. this morning after the company reported earnings results from the first quarter of the year.

Gannett, the publisher of USA Today, reported a net loss of more than $142 million in the first quarter, or a loss of $1.06 per share, on total revenues of $777 million, down from an $80 million loss in the first quarter of 2020 on total revenues of $948 million. Earnings missed analysts' consensus widely, which had Gannett posting a loss of $0.17 per share. Total revenues also came up short.

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Source Fool.com