UPDATE: Gannett Reports 23% Drop In Q2 Net Income, Lifts Dividend

Gannett Co Inc GCI reported a 23% decline in its second-quarter net income and doubled its quarterly dividend. Gannett's quarterly earnings dropped to $151.5 million, or $0.62 per share, from $195.5 million, or $0.81 per share, in the year-ago quarter. Its adjusted earnings came in at $0.58 per share. Gannett's revenue declined to $1.33 billion from $1.37 billion. However, analysts were expecting earnings of $0.57 per share on revenue of $1.34 billion. Gannett lifted its dividend to $0.08 per share. Gannett expects to buyback $100 million in shares over the next 12 months. Gannett shares gained 4.30% to $14.06 in pre-market trading.