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