(Corrects paragraph 4 to say assets represent $488 million of revenue for a 12-month period; assets not worth $488 million)
Nov 9 (Reuters) - Magazine publisher Time Inc’s revenue fell short of analysts’ forecasts for the third quarter, as an uptick in online advertising failed to offset a decline in print ads.
The New York-based publisher of Time, Sports Illustrated and People magazines said on Thursday its total advertising revenue fell 11.5 percent to $369 million in the quarter ended Sept. 30, led by a 17.7 percent decline in print advertising revenue.
Digital advertising revenue rose 2.3 percent to $132 million.
The results come weeks after Time said it was looking to sell assets that represented about $488 million in revenue for the 12 months ended June 30 amid a prolonged decline in its mainstay print business. The assets include Time Inc UK and a majority stake in the Essence magazine.
Time’s third-quarter revenue slipped 9.5 percent to $679 million, missing analysts’ estimates of $693.5 million, according to Thomson Reuters I/B/E/S.
Net income attributable to Time Inc was $13 million or 14 cents per share, compared to a net loss of $112 million or $1.13 per share a year ago.
Excluding one-time items, Time earned 36 cents per share. Analysts on average had expected 29 cents. (Reporting by Sonam Rai in Bengaluru; Editing by Sai Sachin Ravikumar)