Gannett reports higher revenue, profit
(Reuters) - Gannett Co Inc (GCI.N) reported higher first-quarter revenue and profit on Tuesday on the strength of its TV stations and digital revenue from subscriptions to its newspapers.
Gannett, which is the largest newspaper chain in the United States, is benefiting from a pay model that it adopted last year for its digital newspaper products.
Digital revenue at its publishing segment jumped more than 75 percent as more people paid to access news online and through apps for smartphones and tablets.
Still, that could not fully offset a decline in advertising revenue at Gannett's newspapers, where total revenue slipped 0.3 percent to $871.2 million.
Total revenue at the company rose 1.6 percent to $1.24 billion, about in line with analysts' expectations, according to Thomson Reuters I/B/E/S.
Net income for the first quarter rose to $104.6 million, or 44 cents per share from $68.2 million, or 28 cents per share, in the same quarter a year before.
(Reporting By Jennifer Saba in New York; Editing by Gerald E. McCormick and Nick Zieminski)