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Film, TV businesses boost Time Warner earnings jump

Wednesday, 7 Aug 2013 | 8:42 AM ET
The Time Warner Center in New York City.
Adam Jeffery | CNBC
The Time Warner Center in New York City.

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)

Netflix not HBO ... yet
Netflix's co-founder Mitch Lowe discusses whether the streaming company is at the "must have" level yet. "Remember how long it took HBO to get to this point," he says, adding "it will take a couple quarters of good shows like House of Cards."

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."

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