Time Inc Hits All-Time Low Following Q4 Earnings Miss

Shares of Time Inc TIME plunged lower by more than 7 percent to a new all-time low of $12.47 on Thursday after the company reported its fourth quarter results. Time said that it earned $0.58 per share in the fourth quarter on revenue of $877 million. Wall Street analysts were expecting the company to earn $0.66 per share on revenue of $872 million. Time noted that its fourth quarter revenue fell 2 percent from a year ago due to unfavorable exchange rates. Revenue from Advertising, Print and Other Advertising, Circulation, Subscription and Newsstand all fell year-over-year. Digital Advertising was the lone standout as revenue rose 17 percent from a year ago to $102 million due to strong growth in video and programmatic sales. For the full fiscal year, revenue fell 5 percent from 2014's level to $3.10 billion. Time Inc. Chairman and CEO Joe Ripp said, "Time Inc. is the leading content company and the preferred destination for people who crave storytelling that is genuine, compelling and impossible to forget. Mobility and social media are allowing us to reach larger audiences than ever before. With the acquisition of Viant, we will build on our ability to more effectively target consumers, thanks to new technology, which also presents more attractive opportunities for meaningful emotional engagements with current and future audiences. In this world, trusted brands, quality content and deeply engaged audiences will win."