On Thursday, Time Inc. (NYSE: TIME) announced its financial results for the third quarter of 2017. Shares of the company were up 8% to $10.80 per share on Thursday morning.
Total revenue for the third quarter dropped 9.5% to $679 million, which was lower than analysts’ estimates of $693.5 million. It is the sixth straight quarter that the company had missed revenue expectations. In addition, revenue of magazines decreased 14% to $433 million for the September quarter.
Net income for the third quarter improved from a net loss of 112 million, or $1.13 per share, for the same period last year, to $13 million, or $0.14 per share, for the third quarter. Adjusted earnings per share was $0.36, which beat estimates of $0.29 per share.
“We delivered strong operating and financial metrics in the third quarter despite the challenging print environment,” Rich Battista, the President and CEO of Time Inc., said in the statement on Thursday.
“In October, we also closed on a series of refinancing transactions that extended our debt maturities and balanced our capital structure providing us with improved financial flexibility. Furthermore, we are reaffirming our 2017 Adjusted OIBDA Outlook of at least $400 million with a plan to be flat year-over-year,” Battista said.