Time Warner profits dip

Time Warner's second quarter net profit fell due to double-digit percentage declines in print and online advertising, but edged ahead of expectations. The owner of AOL and the Warner Bros film studios said its net profit fell to $519 million from $564 million from continuing operations a year earlier. Revenue fell 9 per cent to $6.8 billion. AOL revenue fell 24 per cent to $804 million.

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