Time Inc, the publisher of Sports Illustrated, Time and People, cut its full-year revenue forecast for the second time, hurt by a fall in revenue from print advertising.
Time, like other publishers, has been hit by falling circulation and print advertising revenue as more people get their news on smartphones and tablets.
The company, spun off from Time Warner Inc in June, lowered its revenue forecast to $3.27 billion-$3.30 billion from $3.30 billion-$3.37 billion.
The forecast fell short of analysts` average estimate of $3.32 billion.
Time first cut its forecast in the second quarter, citing a payment default by its second-largest wholesaler and the sale of its Mexican publishing unit, Grupo Expansion.
The company, which gets more than half its revenue from advertising, said revenue from print ads fell about 1 percent in the third quarter ended Sept. 30, from a year earlier.
Total revenue rose to $821 million from $818 million.
Profit fell to $48 million, or 44 cents per share, from $68 million, or 62 cents per share.
On an adjusted basis, the company earned 41 cents per share.
Analysts on average had expected a profit of 36 cents on revenue of $817.6 million, according to Thomson.
The company`s shares closed at $22.90 on Monday.
