REUTERS - 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.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)
