Time Warner earnings fall 26% as subscribers decline
NEW YORK: Time Warner's second-quarter earnings fell 26 percent on declining subscriber fees at its AOL online unit and lower ad revenue at the Time publishing business, the media conglomerate said Wednesday.
Time Warner affirmed its full-year financial targets after revenue rose at its film, cable and networks segments.
The company also took legal and tax steps that make it possible to split its AOL online business and sell it in parts.
The New York-based media conglomerate said net income fell to $792 million, or 22 cents per share, from $1.07 billion, or 28 cents per share, a year ago.
Excluding one-time items, profit rose to 24 cents per share from 22 cents per share last year, when gains from the sale of assets bolstered results.
International Herald Tribune
New York Times