Time Warner reported quarterly earnings that beat analysts' expectations but revenues that missed on Wednesday.
The company posted second-quarter earnings per share of $1.29, compared to $1.25 per a share in the year-earlier period. Revenues for the quarter came in at $6.95 billion, against the comparable year-ago figure of $7.35 billion.
Analysts polled by Thomson Reuters expected earnings of $1.16 per share on revenues of $7.05 billion.
The company increased its full-year guidance, anticipating earnings per share between $5.35 and $5.45.
Time Warner also announced a 10 percent investment in Hulu Wednesday, and Turner separately signed an agreement for all of its networks to be carried on Hulu's live-streaming services. Shares of TWX rose 3.5 percent in premarket trading.
The 5 percent revenue decrease was due to a decline at Warner Bros. and an unfavorable foreign exchange impact, the company said, but was partially offset by growth at Turner and HBO.