Harry Potter does a little 3Q magic at Time Warner
NEW YORK (AP) — Time Warner says its third-quarter earnings grew sharply with a little help from Harry Potter and some hit network TV shows.
The company posted net income of $822 million, or 79 cents per share, Wednesday. That's up 57 percent from $522 million, or 46 cents per share, a year earlier.
Revenue rose 11 percent to $7.07 billion from $6.38 billion, surpassing estimates.
Analysts had expected earnings of 75 cents per share on revenue of $6.97 billion.
Time Warner Inc., based in New York, says it expects its full-year adjusted earnings to rise in the high-teens percent from $2.41 per share in 2010. Analysts are predicting $2.78 a share.
Chairman and CEO Jeff Bewkes says the company is on pace to exceed earlier financial goals for the year.