Time Warner Inc. reported a 38% drop in third-quarter profit this morning, hurt by declines at its AOL and publishing segments.
NEW YORK (AP) – Media conglomerate Time Warner Inc. reported a 38 percent drop in third-quarter profit Wednesday, hurt by declines at its AOL and publishing segments.
But the results beat expectations and the company is boosting its full-year earnings forecast.
Time Warner, which also owns the Warner Bros. movie studio and the HBO and Turner cable networks, says its profit fell to $661 million, or 55 cents per share, in the latest quarter. That’s down from $1.1 billion, or 89 cents per share, a year ago.
Excluding unusual items, earnings came to 61 cents a share. That tops the analysts’ average forecast of 53 cents.
Last year’s earnings included results from Time Warner’s spun-off cable unit, Time Warner Cable Inc. Earnings from continuing operations fell a more modest 14 percent.
The New York company says its revenue fell 6 percent to $7.1 billion, in line with estimates.
It expects adjusted earnings of at least $2.05 per share for the year, up from its earlier forecast of $1.98.