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SMALL BUSINESS
Time Warner Profit Drops 26 Percent
AP
NEW YORK (Aug. 6) -Time Warner Inc. says second-quarter earnings fell 26 percent on declining subscriber fees at its AOL online unit and lower ad revenue at the Time publishing business.
The company affirms its full-year financial targets after revenue rose at its film, cable and networks segments.
The New York-based media conglomerate says net income fell to $792 million, or 22 cents per share, from $1.07 billion, or 28 cents per share, a year ago. Revenue is 5 percent higher at $11.6 billion.
One-time items took 2 cents per share off the bottom line.
Thomson Financial says analysts expected profit of 23 cents per share on revenue of $11.46 billion. Analyst estimates do not usually include items.
Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2008-08-06 06:17:46