Time cuts full-year revenue forecast for the second time

Sign outside the Time & Life building, New York
Scott Mlyn | CNBC

Time, publisher of Sports Illustrated, Time and People, cut its full-year revenue forecast for the second time as revenue from print advertising falls steadily.

The company, spun off from Time Warner in June, lowered its revenue forecast to $3.27 billion-$3.30 billion from $3.30 billion-$3.37 billion.

Time's profit fell to $48 million, or 44 cents per share, in the third quarter ended Sept. 30, from $68 million, or 62 cents per share, a year earlier.

Revenue rose to $821 million from $818 million.

Wall Street had expected Time to deliver quarterly earnings of 36 cents a share on revenue of $818 million, according to a consensus estimate from Thomson Reuters.

Time is the largest magazine publisher in the United States and holds 90 magazines and 45 websites including Sports Illustrated, Time magazine, and People.

This is Time's second earnings report after the magazine publisher's spinoff from Time Warner.

(Track Time stock following the report.)

Hurt by a decline in subscription revenue and newsstand sales, the publisher had last posted a decrease in quarterly revenue and cut its full-year revenue forecast.

CNBC's Evelyn Cheng contributed to this report.