NEW YORK (TheStreet) -- Shares of Gannett (GCI) - Get Report are down by 0.77% to $14.25 in early-morning trading on Wednesday, after the company reported its fiscal 2016 second quarter results. 

Before the market open, the McLean, VA-based media company and owner of USA Today posted earnings of 30 cents per share, slightly below analysts' estimates of 31 cents per share. 

Revenue increased by 3% year-over-year to $748.8 million, compared to analysts' expectations of $768.47 million. 

Gannett's digital-only subscriptions grew 40% this quarter and its national digital advertising revenue grew 22.4%.

"By the end of the third quarter, we expect that annualized revenues acquired in the last twelve months will be more than $800 million, and the annualized digital component of our revenues will approach $1 billion," Gannett CEO Robert J. Dickey said in a statement. 

The company expects year-over-year revenue growth between 7% and 9% for the second half of 2016. 

Gannett shares have declined 12% since the beginning of the year, while the Standard & Poor's 500 index has climbed 6%.

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