Gannett Co., Inc. has posted second quarter profits that have startled many industry analysts, Bloomberg reported today. While the company saw its earnings drop to 46 cents per share, the figures are better than analysts expected, as many predicted a decrease in share value to approximately 38 cents.

The better-than-expected earnings are credited to a series of cutbacks made by the publisher, including enforced furloughs, reductions in the price of newsprint, various salary cuts and the closing down of its Tucson Citizen title.

Gannett's publishing unit, which includes flagship national title USA Today, saw advertising sales drop by 32 percent, from US$1.11 billion to $753.1 million, according to Bloomberg. Revenue at its broadcast division, meanwhile, was down 21 percent, from $192.6 million to $153 million. Gannett owns 23 TV stations in the United States.

In addition to previous cost cutting through layoffs, the company announced last month it would cut 1,400 jobs from its workforce of 41,500 people, the Wall Street Journal reported. Gannett owns more than 80 daily newspapers, and in 2008 cut 10 percent of its employees.

Gracia Martore, chief financial officer at Gannett, told the WSJ that "demand seems to be firming up a bit in some categories and in some geographic locations."