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.