Time revenue cuts guidance on weak print advertising booking, and its shares decline

MarketsAssociated Press

NEW YORK (AP) — Shares of the publisher Time Inc. skidded after the company forecast lower revenue for 2014.

Print advertising booking has been weak and the publisher of Time and People magazines now expects $3.27 billion to $3.3 billion in annual revenue, down from its previous estimate of $3.3 billion to $3.37 billion.

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FactSet says analysts had forecast $3.32 billion in revenue on average.

The New York company's shares fell 41.87, or 8.2 percent, to $21.03 in afternoon trading.

Net income totaled $48 million, or 44 cents per share, in the third quarter. Excluding one-time gains Time earned 41 cents per share, and the company reported $821 million in revenue.

Zacks Investment Research says analysts expected Time to report a profit of 36 cents per share.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. TIME stock research report from Zacks.

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Keywords:Time,Earnings Report