Time Warner reported third-quarter net income of $541 million, or 12 cents a share compared to a loss of $55 million, or a penny a share, in the same period a year ago.
Total revenue rose 3.7 per cent to $10.3 billion, as 10 per cent growth in its cable business and 22 percent growth in its networks unit helped offset a 4.5 per cent decline at its AOL unit and a 6.6 percent drop at filmed entertainment.
Analysts surveyed by Thomson First Call had been expecting earnings of 9 cents a share and revenue of $10.43 billion, on average. The media giant also reaffirmed its full-year 2003 operating income and revenue growth forecasts.
The stock closed yesterday down 17 cents at $15.55.
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AFP