UPDATE: Time Warner Posts Higher Q3 Profit

Time Warner

reported a rise in its third-quarter profit. Time Warner's quarterly profit surged to $1.18 billion, or $1.26 per share, versus a year-ago profit of $822 million, or $0.84 per share. Its adjusted earnings from continuing operations climbed to $1.01 per share from $0.84 per share. Its total revenue came in at $6.86 billion versus $6.84 billion. However, analysts were estimating earnings of $0.89 per share on sales of $6.94 billion. Time Warner shares gained 1.70% to $69.39 in pre-market trading.