This study investigates whether firms strategically vary tone between forward-looking and non-forward-looking statements in earnings announcements when delivering negative news. Using natural language processing on U.S. quarterly earnings press releases from 2005 to 2023, we document systematic within-document tonal variation consistent with impression management. Firms with negative earnings surprises, accounting losses, or declining earnings are significantly less likely to maintain consistent tone, instead pairing negative assessments of current performance with optimistic forward-looking language. However, this mixed messaging strategy does not appear to cushion market reactions. Our findings suggest that while managers exploit the discretion afforded by safe harbor provisions to strategically vary tone within documents, investors appear to interpret such tonal inconsistency with some skepticism, suggesting market discipline may partially mitigate potential concerns about the informativeness of forward-looking disclosures.