Gannett sees profitable quarter after a year of cost-cutting. This is what it says for 2023.
McLean’s Gannett Co. Inc. (NYSE: GCI) reported narrowing, yet worse than expected, losses for 2022 — a year in which it instituted multiple rounds of layoffs — though the company's fourth quarter provided a high point with its first quarterly profits in more than a year. Gannett’s guidance for the year, announced as part of its fourth-quarter earnings report Thursday, puts the full-year net income at between a $20 million loss and $10 million profit, a potential improvement after at least four straight years of losses. Gannett leaders said they're not being affected by signs of an economic downturn that have rippled through other parts of the region.