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Time Warner profit beats Street on ad sales

Time Warner profit beats Street on ad sales
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First Published: Wed, Aug 03 2011. 05 30 PM IST
Updated: Wed, Aug 03 2011. 05 30 PM IST
New York : Time Warner Inc posted better-than-expected quarterly results, helped by stronger advertising and movies like “The Hangover 2,” and ratcheted up its full-year outlook.
For the second quarter, the parent of CNN, HBO, Time magazine and Warner Bros studios, reported on Wednesday net income of $638 million, or 59 cents per share, compared with year-earlier net income of $562 million, or 49 cents per share.
Adjusted earnings per share of 60 cents beat the average analyst forecast of 56 cents, according to Thomson Reuters I/B/E/S.
Revenue rose 10% to $7.03 billion.
The New York-based company said it now expects its full-year percentage growth in net income per share to be “at least low teens.” Previously, the company had said profits would grow in the “low teens”.
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First Published: Wed, Aug 03 2011. 05 30 PM IST