NEW YORK — Time Warner Inc. (TWX) on Wednesday reported fourth-quarter profit of $857 million.
The New York-based company said it had profit of $1.06 per share.
The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
The owner of TV channels like HBO and TBS as well as Warner Bros. studios posted revenue of $7.08 billion in the period, falling short of Street forecasts. Nine analysts surveyed by Zacks expected $7.55 billion.
For the year, the company said profit was nearly unchanged at $3.83 billion. Annual earnings per share rose to $4.62 from $4.34. Revenue was reported as $28.12 billion.
Time Warner shares have declined slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 9 percent. The stock has decreased 22 percent in the last 12 months.
Keywords: Time Warner, Earnings Report