Time Warner beats on revenue, thanks to basketball, Sniper
Michelle Clancy | 30 April 2015
Time Warner has reported net income of $970 million, with revenue of $7.1 billion.
The profits are down 24.9% against the period last year, but revenues are up a healthy 4.8%. The top line beat analyst projections for $7 billion. Adjusted earnings came in at $1.19 per share, ahead of the $1.09 that Wall Street expected.
"We got off to a very strong start in 2015," CEO Jeff Bewkes said. He noted that the Turner cable channels had their best quarter ever measured by audience growth, spurred by the NCAA Men's Basketball Tournament, March Madness, which was "a huge multiplatform success."
The movie studio helped too: Warner Bros' American Sniper generated $500 million in global ticket sales.