Gannett Co. (GCI) swung to a second-quarter profit amid aggressive cost cuts, but operating results at the nation's largest newspaper publisher continued to weaken sharply.

The company's earnings results significantly beat expectations on Wall Street on Wednesday, propelling its shares to double-digit percentage gains. However, its top-line results came in lower than forecasts, and the company's overall valuation remains just a quarter of what it was a year ago.

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