Gannett Plunges After Earnings (GCI)

Shares of Gannett Co. GCI are plunging during Friday's trading session after the media company reported earnings. GCI said that its adjusted third-quarter net income was $124.7 million, which was a 20.8% increase from $103.2 million in last years corresponding quarter. On an earnings per share basis, the company reported non-GAAP EPS of $0.52 compared to $0.43 in Q3 of 2009. This compared to Wall Street consensus EPS estimates of $0.50. Revenues were $1.31 billion, which was identical to the revenues reported in the year ago period. This missed analysts' consensus estimates of $1.33 billion. During the current trading session, GCI shares have fallen 8.87% on heavy volume to $12.84.