Time Warner’s Q2 profit tumbles 34%

Time Warner’s Q2 profit tumbles 34%
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First Published: Wed, Jul 29 2009. 03 51 PM IST
Updated: Wed, Jul 29 2009. 03 51 PM IST
New York: Time Warner Inc posted a lower second quarter profit on Wednesday, hurt by falling revenues at its magazine publishing, AOL and movies units.
Profit from continuing operations was $519 million, or 43 cents a share in the second quarter, compared with $564 million, or 47 cents per year, a year earlier.
Time Warner’s adjusted profit was 45 cents compared with analysts forecast of 39 cents.
Second quarter revenue fell 9% to $6.81 billion compared with analysts’ forecast of $6.94 billion.
Time Warner chief executive Jeffrey Bewkes is in the process of returning Time Warner to its traditional media roots consisting of cable networks like HBO, CNN and TNT, the Warner Bros film studio and its Time Inc publishing units.
The media conglomerate has kick-started the process of separating its struggling AOL Internet unit later this year. Bewkes said in a statement that the company is on track to spin off AOL around the end of the year.
The move would end a tumultuous eight-year merger. On 12 March, Time Warner split off its cable telecommunications unit, Time Warner Cable Inc.
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First Published: Wed, Jul 29 2009. 03 51 PM IST