Time Warner posts earnings of $1.25 a share vs $1.03 expected

Time Warner headquarters in New York.
Scott Mlyn | CNBC

Time Warner delivered quarterly earnings and revenue that surpassed analysts' expectations on Wednesday, boosted by higher revenue at its Turner network and Warner Bros. studio.

The company's net income rose to $971 million, or $1.16 per share, in the second quarter ended June 30, from $850 million, or 95 cents per share, a year earlier.

The company posted adjusted earnings of $1.25 per share. Revenue came in at $7.35 billion.

Analysts had expected the company to report adjusted earnings of $1.03 a share on $6.9 billion in revenue, according to a consensus estimate from Thomson Reuters.

The company also reaffirmed its full-year outlook of $4.60 to $4.70 a share.

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Last month, Time Warner's HBO cable channel announced an agreement with Verizon to would allow the carrier's Internet subscribers to access HBO Go without subscribing to a cable package.

HBO said the move is an attempt to adapt to changing consumer behavior and "bringing audiences the best in entertainment the way they want it."

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In June, Time Warner's Warner Bros. Pictures said domestic box office revenue exceeded $1 billion, "becoming the only studio ever to reach that benchmark 15 years in a row," according the company's statement.

Warner Bros. said it benefited from carryover from 2014 releases including the blockbusters "American Sniper," and "The Hobbit: The Battle of the Five Armies."

Box office sales were a bright spot in the entertainment industry during the second quarter, reversing a downward trend; TV ratings and advertising trends continue to slump to new lows, according to industry analysts.

Reuters contributed to this report.