UPDATE: Time Warner Posts Higher Q2 Profit

Time Warner

reported a rise in its second-quarter profit. Time Warner's quarterly profit surged to $771 million, or $0.81 per share, from $413 million, or $0.42 per share, in the year-ago period. Its adjusted earnings came in at $0.83 per share. Its revenue climbed to $7.4 billion from $6.7 million. However, analysts were estimating earnings of $0.76 per share on revenue of $7.1 billion. Time Warner shares closed at $64.08 yesterday.