Gannett Co. announced Friday that its second-quarter profit up more than double, thanks to the bounce-back of broadcast revenue, tax gain as well as the ease of print ad downturn. However, its share tumbled as much as 11 percent soon after the report release due to unexpected declined in revenue, Reuters reported.

Gannett's profit in the second quarter reached $195.5 million, or 81 cents per share, up from $70.5 million, or 30 cents per share, a year earlier, which exceeded Wall Street's forecasts. However, its revenue dropped by about 1.5 percent to $1.37 billion, with publishing revenue down 6 percent. It failed to meet analyst's expectation of $1.40 billion, according to Thomson Reuters I/B/E/S.

Regarding the stock decline, "Part of it is the perception of a revenue miss despite that earnings were ahead of consensus," according to Barry Lucas, senior vice president of research at Gabelli & Co.

Gannett's broadcast revenue was up 20 percent, which helped compensate the 6-percent decline in publishing. In June, Gannett's print advertising only slipped 4 percent, the smallest drop since early 2007, The Associated Press reported.

"We are seeing encouraging revenue trends in all of our segments," Gracia Martore, president and chief operating officer, emphasised during a conference call.

Gannett's management did not mention if they expect the print advertising to finally increase in the current quarter, but focused on growing digital opportunities instead. Craig Dubow, chief executive of the company announced an advertising partnership with Yahoo! Inc., which Gannett's 81 local publishing units and seven of its broadcasting division sites will sell Yahoo! ad inventory, Media Guardian reported.

Gannett's digital revenue in the second quarter was up 8 percent to $154 million.