Time Warner posts lower profit, but raises outlook

4 Nov 2009, 10:26 pm   -   Source: Reuters
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NEW YORK (Reuters) - Time Warner Inc posted lower quarterly profit, but results surpassed expectations, and the media powerhouse raised its full-year earnings forecast in a sign that advertising sales are showing life.

NEW YORK (Reuters) - Time Warner Inc posted lower quarterly profit, but results surpassed expectations, and the media powerhouse raised its full-year earnings forecast in a sign that advertising sales are showing life.

Third-quarter net income fell to $661 million, or 55 cents a share, from $1.07 billion, or 89 cents a share, a year earlier.

Profit after adjusting for special items was 61 cents a share.

Analysts forecast earnings of 53 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 6 percent to $7.1 billion, similar to the analysts' forecast of $7.1 billion.

(Reporting by Paul Thomasch; Editing by Lisa Von Ahn)

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