Gray Television (NYSE: GTN) reported earnings on May 2. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Gray Television beat slightly on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted. GAAP earnings per share contracted.

Margins dropped across the board.

Revenue details
 Gray Television booked revenue of $78.2 million. The two analysts polled by S&P Capital IQ hoped for sales of $76.8 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.02. The three earnings estimates compiled by S&P Capital IQ predicted -$0.01 per share. GAAP EPS of $0.02 for Q1 were 50% lower than the prior-year quarter's $0.04 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 31.6%, 550 basis points worse than the prior-year quarter. Operating margin was 19.2%, 670 basis points worse than the prior-year quarter. Net margin was 1.1%, 310 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $85.7 million. On the bottom line, the average EPS estimate is $0.10.

Next year's average estimate for revenue is $338.7 million. The average EPS estimate is $0.37.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 80 members out of 109 rating the stock outperform, and 29 members rating it underperform. Among 26 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 22 give Gray Television a green thumbs-up, and four give it a red thumbs-down.

Internet software and mass media are being consumed in radically different ways, on new and increasingly mobile devices. Is Gray Television on the right side of the revolution? Check out the changing landscape and meet the company that Motley Fool analysts expect to lead "The Next Trillion-dollar Revolution." Click here for instant access to this free report.