NEW YORK (TheStreet) -- Time Inc. (TIME) shares are up 2.67% to $21.95 in early market trading on Thursday after the media company reported a first quarter net loss that was not as wide as analysts' were expecting for the period.
The New York City-based company reported a first quarter net loss of 6 cents per diluted share, 13 cents better than the 19 cents per share analysts were expecting the media company to lose.
Revenues in the period fell 8.7% year over year to $680 million, in line with analysts' revenue guidance for the period.
The company also reaffirmed its full year revenue guidance, expecting a 3% to 6% decrease in revenues to between $3.08 billion and $3.18 billion. Analysts' on average are expecting the company to earn $3.13 billion during the year.
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