In Time Inc.’s first quarterly report since becoming an independent company, the publisher posted a three percent gain in ad revenue. That jump was mostly due to a 12 percent increase in digital ad revenue. The company was also helped by — believe it or not — print. Time Inc.’s acquisition of American Express Publishing, which included Food & Wine, Travel & Leisure and Departures, led to a year-over-year bump in ad dollars.
Despite this good news, the company posted a net loss of $32 million, compared to a $75 million profit last year. Which is probably why Joe Ripp, Time Inc’s CEO, used dreaded words such as “leaner” and “nimble” in his statement. Those words translated: layoffs are on their way.
“Time Inc. is undergoing a significant transformation as we extend our powerful brands across platforms, work to develop adjacent business opportunities, and move toward a leaner and more nimble operating culture,” said Ripp. “We had a solid second quarter, we are making real progress, and we are executing.”