As Gannett Co. reported higher second-quarter profits Wednesday, helped by a gain due to selling several newspapers, its earnings excluding those sales fell, as advertising for the entire industry is migrating to the Internet.

The largest newspaper publisher in the country saw net income increase to $365.7 million, or $1.56 per share for the three months ending in June. In the same period last year, net income was at $310.5 million, or $1.31 per share. Excluding $73.8 million in earnings from the sale of newspapers and discontinued operations, profit was in line with the McLean, Virginia-based company's forecast, at $1.24, versus $1.28 a year ago.

Revenues, however, fell 3.4 percent to $1.93 billion.

Gannett, which own USA Today, stated a slump in advertising revenues, which fell 5.3 percent in the quarter, was mostly to blame for the drop in revenues. Ad revenues plummeted 7.7 percent in the company's U.S. newspapers, and 2.5 percent in its UK papers.

The company's newspaper results are part of an across-the-board decline in newspaper advertising that has been accelerating in the past several months, as readers and advertising are increasingly turning to the Internet for news and entertainment.

“We see no signs that a turnaround in newspapers is anywhere on the horizon,” Lisa Monaco, a Morgan Stanley analyst is quoted by the Associated Press as telling investors. She also said she is further convinced Gannett and the industry will “continue to lose share to new media in the foreseeable future.”

According to the Newspaper Association of America, overall U.S. newspaper advertising fell 4.8 percent in January through March of this year to $10.6 billion, with a 6.4 percent drop in print advertising that offset a gain of 22.3 percent rise in online advertising. Online ads still make up a small part of total newspaper advertising, at just 7 percent.