Poor print outlook sends Time Inc. shares for a tumble

Time Inc. Chief Executive Joe Ripp jolted investors with his warning that the “market is 🌳moving a little faster away from print” than anticipated and that the troubling trend would carry over into next year.

Ripp now expects full-year revenue to decline 5 percent to 6 ♚percent, a less rosy range than his earlier projection of a 3 percent to 6 percent dip.

That sent the stock plunging more than 8 percent to a new low, beꦑfore closing at $18, down 5.4 percent for the day.

The news came the same week the publisher of People, Time, Sports Illustrated and InStyle began moving its op🌱erations from the Time & Life head🐭quarters it has occupied since 1959 to a new, downtown HQ at Brookf🍸ield Place.

The company posted better-than-expected adjusted net income of $40 million in 🔜the quarter, down 11 percent from🌊 $45 million a year ago.

The net loss🥀 was $913 million, due to a $952 million goodwill impairment charge the company was saddled with after splitting from🔯 former parent Time Warner.

Revenues fell 6 percent, to $773 millionꦉ, from the same quarter a year ago. On the plus side, digital ad revenue rose 22 percent, to $79 million.

The company has been buying some Web sites in recent weeks, including Jane Pratt’s xoJane and xoVain from Say Media and HelloGiggles, which counts actress Zooey ꧂Deschanel as a co-foundeܫr.

Ripp isℱ not on the prowl for a big expensive digital deal, however, and believes many digital companies are still overpriced.

“We ಌaren’t buying things priced at 50 times revenue,” he s💃aid.

Meanwhile, Ripp has been in belt-tightening mode. He closed All You — and the worry in the corridors of Time Inc. is that more hard deciꦓsions may be ahead in the next few weeks as budgets are planned and boxes are packed.

“Our goal is to identify a path to profitable growth for each brand or to otherwise optim🍃ize those respective assets and cash flowꦐs,” Ripp said.

The brightest spot was the news 🔥that the company got $638.3 million from the sale of its London-based Blue Fin Building and will use $300 million of that cash to buy back stock and $200 million to pare down debt.