Press "Enter" to skip to content

Media chain Gannett blames inflation, labor shortage for predicted 2022 loss

The publicly-traded owner of seven New Mexico newspapers said today it expects to lose up to $70 million this year due to inflation, distribution labor shortages and “price sensitive consumers.”

Virginia-based Gannett Co. Inc. (NYSE: GCI) updated its full-year guidance today during its second-quarter earnings call, predicting a net loss of between $60 million and $70 million. Three months ago, the company was saying it expected to end the year $50 million to $70 million in the black.

CEO Mike…
Source: The Business Journal

Be First to Comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *