Time Inc (time), publisher of People, Sports Illustrated, and Fortune magazines, reported lower-than-expected quarterly revenue as weak sales in print advertising offset gains from its digital business.
The company said on Thursday print ad revenue, which accounts for more than two-thirds of total ad sales, fell about 10 percent to $288 million, in the third quarter ended Sept. 30.
The publisher’s digital advertising revenue increased 63.3 percent to $129 million.
Time Inc’s total revenue fell nearly 3 percent to $750 million, missing the average analysts’ estimate of $770.6 million, according to Thomson Reuters I/B/E/S.
The company said it now expected full-year revenue in the range of negative 1 percent to flat, lower than the forecast in the prior quarter of flat to positive 1.5 percent.
The company’s circulation revenue also fell 14.6 percent in the quarter.
Time Inc, like other publishers, has been hit by weak print advertising sales due to declining demand as advertisers shift spending from print to other media.
Net loss narrowed to $112 million, or $1.13 per share, in the quarter, from $913 million, or $8.30 per share, a year earlier.