* Q2 EPS excluding items $0.46 vs Street view $0.37

* Q2 revenue $1.41 bln vs Street view $1.43 bln

* Shares jump 22 pct (Adds analyst, CFO comments)

By Robert MacMillan

NEW YORK, July 15 (Reuters) - Gannett Co Inc (GCI.N: Quote, Profile, Research), the largest U.S. newspaper publisher, reported stronger-than-expected quarterly results after slashing jobs to cut costs, sending its shares up 22 percent.

Even though revenue fell 18 percent as advertising sales slumped, Gannett posted a second-quarter profit of 46 cents a share excluding writedowns and layoff charges. That beat the average analyst forecast of 37 cents, according to Reuters Estimates.

Gannett, owner of USA Today, the largest U.S. newspaper by circulation, is navigating through an "unprecedented economic storm," Chief Financial Officer Gracia Martore said in a statement.

The McLean, Virginia-based company is the first U.S. newspaper publisher to report its results this quarter. Next week New York Times Co (NYT.N: Quote, Profile, Research), Media General Inc (MEG.N: Quote, Profile, Research) and McClatchy Co (MNI.N: Quote, Profile, Research) will provide their quarterly reports.

Gannett's second-quarter revenue fell to $1.4 billion on a 32 percent drop in publishing ad revenue.