Time Warner tops estimates
May 3, 2017
Time Warner reported Q1 profits up on gains from all units. Net income rose 17 per cent to $1.4 billion compared to $1.2 billion a year ago. Revenue was up 6 per cent to $7.7 billion.
The results topped Wall Street estimates as the company works to finalise its acquisition by AT&T.
At Turner Broadcasting, operating income increased 6 per cent to $1.2 billion. Revenues rose 6 per cent to $3.1 billion. Subscription revenues rose 12 per cent and content revenues were up 16 per centt. Advertising revenues were down 2 per cent because of lower ratings at some domestic networks, partly offset by increases at CNN, buoyed by the election, and in sports.