Time’s Q2 circulation revenue falls 12.3pc

NEW YORK: Time Inc, the publisher of Fortune, People and Time magazines, reported a lower-than-expected quarterly revenue yesterday, hurt by declines in magazine sales and advertising revenue. Circulation revenue, which accounts for nearly 30 per cent of Time’s total revenue, fell 12.3 per cent to US$207 million (RM886 million) in the second quarter ended June 30. Advertising revenue also dipped about 12 per cent to US$374 million, driven by declines in both print and digital advertising.