Time Warner posts rise in 2Q earnings, boosts view

FILE - In this Nov. 7, 2007 file photo, people walk by the Time Warner building in New York. Media conglomerate Time Warner Inc. reported a 38 percent drop in third-quarter profit on Wednesday, Nov. 4, 2009, hurt by declines at its AOL and publishing segments.(AP Photo/Diane Bondareff, file) (AP Photo/Diane Bondareff, file)

August 4, 2010 6:17:47 AM PDT
Time Warner Inc. says its second-quarter profit rose 7 percent, helped by another gain in advertising revenue and growth at its cable channels.

The results topped Wall Street estimates and the company raised its full-year profit forecast.

The media conglomerate's Time Inc. magazine unit and cable properties both saw ad revenue improve for the second quarter in a row. That's a sign that businesses are spending again to get customers' attention.

Time Warner reported net income of $562 million, or 49 cents per share, for the three months ended June 30. That's up from $524 million, or 43 cents, a year ago.

Removing one-time items, earnings came to 50 cents per share. Analysts expected 45 cents.

Revenue climbed 8 percent to $6.38 billion, the biggest increase in almost two years. Analysts expected revenue of $6.2 billion.