On Thursday, merged giant Gannett reported lower revenue and net loss in the fourth quarter. The results came as the newly merged company logged a more than 25% increase in digital subscriptions, reports USA Today.
The company reported total revenue of $1.05 billion in the quarter, down 9.7% from the previous year, largely due to print revenue declines. A net loss of $115.7 million for the quarter was also recorded by Gannett.
Additionally, the company’s stock was down 0.5% at $4.87 as of 3:27 p.m. Thursday.
However, Gannett also reported a 25.3% increase in digital subscriptions. Paid online subscriptions are viewed as critical to the success of media companies in the digital age, due to declining newspaper dollars.
“We were pleased with the strong momentum we saw in our key growth areas, which positioned us for a solid start to 2020,” Gannett CEO Michael Reed said in a statement.
Gannett said in a statement that it expects to reach $60 million in annualized savings by the end of the first quarter and “more than half” of its $300 million target by the end of 2020.
