The company also stood by its earnings growth outlook for the year, although that forecast does not include the planned spin-off of the publishing business.
Net income for the media company, which owns the CNN cable network, premium TV service HBO and a movie studio, rose to $720 million, or 75 cents per share, from $583 million, or 59 cents a share, a year ago.
Adjusted earnings of 82 cents per share easily beat the consensus Wall Street forecast of 75 cents, according to Thomson Reuters I/B/E/S. Earnings exceeded even the highest of the 28 estimates that made up the consensus.
But revenue came in below even the lowest Wall Street expectations at $6.94 billion. Analysts were expecting $7.15 billion. Time Warner said the growth at the networks unit was offset by declines in other segments, leaving the company essentially flat year on year.
(Reporting By Liana B. Baker; Editing by Maureen Bavdek)
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