Gannett Co., the largest U.S. newspaper publisher, says its first-quarter profit climbed more than 50% and its television revenue rose as the economic slump eased.
Cost-cutting and a less precipitous drop in advertising revenue boosted the results.
Gannett made US$117.2 million, or 49 cents per share, compared with $77.4 million, or 34 cents per share, a year earlier. Analysts expected 41 cents per share, according to Thomson Reuters.
Revenue fell 4% to $1.32 billion, matching forecasts.
Gannett, which publishes USA Today and more than 80 other daily newspapers, is the first major publisher to report earnings for the January-March period.
Ad sales in its publishing division fell 8%. That was offset by a rise in TV broadcasting revenue.
