Time Inc misses revenue estimates as print ads decline

Magazine publisher Time Inc.’s revenue fell short of analysts’ forecasts for the third quarter, as an uptick in online advertising failed to offset a decline in print ads.

The fresh York-based publisher of Time, Sports Illustrated, along with People magazines said on Thursday its total advertising revenue fell 11.5 percent to $369 million inside quarter ended Sept. 30, led by a 17.7 percent decline in print advertising revenue.

Digital advertising revenue rose 2.3 percent to $132 million.

The results come weeks after Time said the idea might sell assets worth $488 million including Time Inc. U.K. along having a majority stake inside Essence magazine amid a prolonged decline in its mainstay print business.

Time’s third-quarter revenue slipped 9.5 percent to $679 million, missing analysts’ estimates of $693.5 million, according to Thomson Reuters I/B/E/S.

Net income attributable to Time was $13 million or 14 cents per share, compared to a net loss of $112 million or $1.13 per share a year ago.

Excluding one-time items, Time earned 36 cents per share. Analysts on average had expected 29 cents.

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