The hottest paper prices soared, and the profits o

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Paper prices soared, and the profits of the largest newspaper group in the United States fell sharply

Gannett, the largest newspaper group in the United States, released a report on the 16th that due to difficulties in the newspaper industry and a sharp decline in turnover, the company's profits in the second quarter of this year fell sharply by 36% from the same period last year

Gannett's profit in the quarter was $233 million, equivalent to $1.02 per share; The profit of the same period last year was 366million US dollars, equivalent to 1.56 US dollars per share. Earnings per share for the quarter were in line with Wall Street analysts' expectations

in the second quarter, Gannett's turnover fell by 10% to $1.72 billion. The main reason for the decline in turnover is the shrinking of the advertising business of the publishing department, in which retail advertising decreased by 8% and classified advertising decreased by 19%. Gannett's largest newspaper, USA today, saw a 17% drop in quarterly advertising

as the U.S. newspaper industry faces the dual threat of rising paper prices and reduced advertising, Gannett's weak performance is not surprising. Due to the impact of emerging media and the weak economy, the advertising business of traditional newspapers in the United States is shrinking significantly. On the other hand, the reasons of paper suppliers led to the abnormal rapid rise of paper prices in North America under the condition of reduced demand

Gannett's share price was 16. The strategic cooperation day between Xinlun composite and Funeng technology once hit the lowest point in 21 years, and then rebounded. Last month, the company announced that due to the shrinking market value, it would carry out asset write downs of about 2.5 billion to 3 billion clean 1-point transparent plastic lunch boxes, sometimes picking up dollars. In the communique released on the 16th, the write down amount was adjusted to $2.6 billion to $2.9 billion

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