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Time Warner bounces back to the black
New York, Aug 2, 2006 Time Warner, the world's largest media and entertainment group, Wednesday notched up better-than-expected profits during the second quarter as it rebounded back from a loss last year. The cable TV, film studio and publishing behemoth announced net profits in the three months to June 30 of one billion dollars, compared with a loss of 409 million dollars a year ago. That translated into earnings per share of 20 cents, beating Wall Street's forecasts by one penny, according to a consensus survey by First Call. "We're pleased with this quarter's results, which put us firmly on track to achieve our full-year financial objectives," said Time Warner chief executive Dick Parsons. The company said profits swelled as more consumers signed up to its digital telephone and high-speed data services. It also announced Wednesday plans to offer its AOL software and e-mail for free to broadband Internet subscribers. Most of the profits came from new subscribers gobbling up video cable and data services after the company, along with Comcast Corp., acquired Adelphia Communications Corp. Overall revenues rose 1.2 percent to 10.71 billion dollars in the second quarter, but analysts had expected revenues to hit 10.99 billion. Time Warner signed up 230,000 new residential high-speed data subscribers during the quarter, marking is sixth straight quarter in which net subscriber additions surpassed 200,000. It now supplies a total 5.4 million such subscribers in the United States. The new subscribers helped boost overall revenues of Time Warner Cable by 15 percent to 2.7 billion dollars. The company moved to offer its AOL services for free against fierce competition from rivals Yahoo and Google, and as AOL's subscription revenues from fixed-line Internet access plummeted 11 percent. Earnings from the new Superman movie also appear to be meeting targets for Time Warner. The Warner Brothers revival, "Superman Returns," has raked in worldwide box office receipts of 320 million dollars since its late June release. Overall, however, the studio division's revenues slumped 10 percent as its home video earnings from "Seinfield" and "Ocean's Twelve" a year ago dried up. Community Email This Article Comment On This Article Related Links All about the technology of space and more
Time Warner says AOL to offer e-mail, sofware for free
New York, Aug 2, 2006 Time Warner, the global media leader, on Wednesday announced that AOL will offer its software, e-mail and other products for free to broadband users in a bid to improve its online advertising business. |
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