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Time Warner Posts Rise in Earnings, Boosts View

Wednesday, 04 Aug 2010 08:16 AM

Time Warner Inc. said Wednesday its second-quarter profit rose 7 percent, helped by another gain in advertising revenue and growth at its cable channels.

The results topped Wall Street estimates and the company raised its full-year profit forecast.

Its shares rose 64 cents, or 2 percent, to $33 in pre-opening electronic trading.

The media conglomerate's Time Inc. magazine unit and cable properties both saw ad revenue improve for the second quarter in a row. That's a sign that businesses are spending again to get customers' attention.

Time Warner reported net income of $562 million, or 49 cents per share, for the three months ended June 30. That's up from $524 million, or 43 cents, a year ago.

Removing one-time items, earnings came to 50 cents per share. Analysts expected 45 cents.

Revenue climbed 8 percent to $6.38 billion, the biggest increase in almost two years. Analysts expected revenue of $6.2 billion.

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Time Warner Inc. said Wednesday its second-quarter profit rose 7 percent, helped by another gain in advertising revenue and growth at its cable channels.The results topped Wall Street estimates and the company raised its full-year profit forecast.Its shares rose 64 cents,...
US,Earns,Time,Warner
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2010-16-04
Wednesday, 04 Aug 2010 08:16 AM
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