On Wednesday, Time Warner, Inc. (NYSE: TWX) announced its financial results for the second quarter of 2017, ended June 30. Both revenues and earnings beat estimates.
According to the company, net income for the second quarter was up 11.6% to $1.06 billion. Adjusted earnings per share was $1.33, beating estimates of $1.19 per share. Revenues increased 5.4% compared with the same period last year, reaching $7.33 billion for the second quarter. The results beat analysts’ estimate of $7.30 billion. The company’s strong performance was boosted by the success of “Wonder Woman’s” box office and subscriber growth at cable operations.
“We’re very pleased with our first-half results, which keep us on track to achieve our objectives for the year. Our performance is a result of the continued successful
execution of our strategic objectives – with the strong Subscription revenue growth at Home Box Office and Turner a great example of this – along with the investments we’re making in our brands and high-quality video content,” Jeff Bewkes, the Chairman and Chief Executive Officer of Time Warner, said in the statement on Wednesday.
In the statement, the company also said that it continues to expect its pending merger with AT&T. Currently, Time Warner is awaiting government approval for the $85 billion sales, and the company expected that the deal will be closed by the end of 2017.