Time Tops Q3 Expectations

Time Inc (NYSE: TIME) reported better-than-expected results for the third quarter on Thursday.

The New York-based company reported a quarterly net loss of $913 million, or $8.30 per share, versus a year-ago profit $48 million, or $0.44 per share. The recent quarter included a $952 million goodwill impairment charge. On an adjusted basis, the company earned $0.32 per share.

Its total revenue slipped 5.8 percent to $773 million. Analysts were projecting earnings of $0.27 per share on revenue of $769.3 million.

Digital advertising revenue climbed 22 percent to $79 million for the quarter, while circulation revenue slipped 6 percent to $261 million.

Production, editorial and other costs shrank 3.7 percent to $322 million for the latest quarter.

Time's board authorized a share repurchase of up to $300 million.

For the full year, Time now projects revenue to fall 5 percent to 6 percent, compared to a prior forecast of 3 percent to 6 percent.

Time shares fell 0.52 percent to close at $19.03 yesterday.