UPDATE: Time Warner Posts Upbeat Q4 Profit

Time Warner

reported a 12% drop in its fourth-quarter profit. Time Warner's quarterly profit fell to $983 million, or $1.06 per share, from a year-ago profit of $1.11 billion, or $1.15 per share. Excluding one-time items, its earnings climbed to $1.17 per share from $1.16 per share. Its revenue climbed 4.9% to $8.57 billion. However, analysts were projecting earnings of $1.15 per share on revenue of $8.39 billion. Time Warner shares closed at $62.40 yesterday.