The Medium, The Message » Mark Fitzgerald http://www.themediumthemessage.com A blog about advertising, newspapers and other media Mon, 31 Oct 2011 13:58:32 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Street no longer buying ‘cost-cutting’ http://www.themediumthemessage.com/2010/07/20/street-no-longer-buying-cost-cutting/ http://www.themediumthemessage.com/2010/07/20/street-no-longer-buying-cost-cutting/#comments Tue, 20 Jul 2010 12:15:45 +0000 admin http://www.themediumthemessage.com/?p=1391 Editor & Publisher’s Mark Fitzgerald takes a look at Gannett Co.’s second-quarter earnings and says in his Fitz & Co. blog that simply cutting costs, which for the most part means laying off staff, no longer flies for newspaper publishers.

“The Street will no longer be satisfied with earnings pumped up only by continual cost-cutting. Gannett (GCI) handily beat Street estimates of earnings – but its overall earnings, in a quarter when its broadcast properties were humming nicely, was down 1.6%. … GCI got hammered for those results Friday, falling more than 10 percent.”

Gannet’s print and circulation revenues were down for the quarter also.

Other publishers’ stocks are also down as their 2Q reports come in the next several days, Fitzgerald says.

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