Earnings

Time Inc's quarterly revenue misses estimates

The silhouette of a pedestrian is seen walking past the headquarters of Time Inc. in New York.
Michael Nagle | Bloomberg | Getty Images

Magazine publisher Time Inc. 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 percent of ad sales, fell 12.8 percent in the second quarter, from a year earlier.

Digital advertising revenue rose 65 percent, 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 percent 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.