Film, TV businesses boost Time Warner earnings jump
Time Warner, owner of HBO, CNN, and Warner Bros., said its second-quarter net income jumped 87 percent, boosted by better results at its film and TV businesses.
The results beat Wall Street predictions and the New York company boosted its full-year profit outlook.
Following the report, the company's shares rose in pre-market trade. (Click here to track the company's stock before the opening bell.)
Time Warner earned $711 million, or 81 cents per share, in the April-June period. That's up from $413 million, or 42 cents per share, a year ago.
(Read more: Why HBO Could Send Netflix Shares Up: Analyst)
Excluding items, the company earned an adjusted 83 cents per share for the recent quarter. Analysts expected 76 cents per share.
Revenue rose 10 percent to $7.44 billion from $6.74 billion. Analysts expected $7.11 billion in revenue.
For the full year, the company says it now expects to post an earnings-per-share percentage increase in the "mid-teens."