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.
The mixed results will likely continue into 2023. The media giant said it expects the effects of high inflation to ease this year, predicting a rosier year ahead for its bottom line. 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. Though, it’s projecting somewhere between $2.75 billion and $2.8 billion in total revenue for this year, a 5% slide from last year’s $2.95 billion in even the best-case scenario.
Gannett leaders said they’re not being affected by signs of an economic downturn that have rippled through…
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