August 8, 2017 / 10:16 AM / a year ago

Time Inc posts loss in 2nd quarter, announces cost-cutting plan

Aug 8 (Reuters) - Time Inc, the publisher of People, Fortune and Time magazines, posted a loss in the second quarter compared with a year-earlier profit, hurt by a decline in advertising revenue as well as an impairment charge.

The company reported a loss of $44 million, or 44 cents per share in the second quarter ended June 30, compared with a profit of $18 million, or 79 cents per share, a year earlier.

Revenue fell 9.7 percent to $694 million.

The magazine publisher also announced a cost-cutting plan that targets adjusted operating income before depreciation and amortization of at least $500 million to $600 million in the next three to four years. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)

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