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Time Inc. Revenue Comes in Lower Than Expected

Time Inc. headquarters in New York CityTime Inc. headquarters in New York City
Time Inc. headquarters in New York CityPhotograph courtesy of Time Inc.

Magazine publisher Time Inc. (TIME) reported lower-than-expected quarterly revenue as higher digital advertising revenue failed to make up for a fall in income from print ads.

The company’s print ad revenue, which accounts for more than 70% of ad sales, fell 12.8% in the second quarter, from a year earlier.

Digital advertising revenue rose 65%, helped by acquisitions, including that of advertising company Viant in February.

Like many publishers, Time Inc. has been seeing a fall in print ad sales as advertisers shift their spending to other media.

 

Time Inc.’s net profit fell 25% to $18 million, or 18 cents per share, in the quarter ended June 30.

Revenue fell slightly to $769 million, missing analysts’ average estimate of $782.5 million, according to Thomson Reuters I/B/E/S.

Excluding items, the company earned 22 cents per share, above the average analyst estimate of 15 cents per share.

Time Inc. is the parent company of Fortune.