New York, August 5, 2023 – Gannett, the publisher of USA Today, raised its profit targets for the year on Friday, citing a rebound in advertising demand.

The company said it now expects to earn between $2.80 and $2.90 per share in 2023, up from its previous forecast of $2.60 to $2.70 per share.

Gannett said the increase in its profit forecast was due to a number of factors, including the continued recovery of the advertising market and the company’s cost-cutting efforts.

The company’s stock price rose more than 5% in after-hours trading following the announcement.