Time Warner 2Q down, adjusted income beats Street

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Associated Press

Posted on August 1, 2012 at 8:00 AM

Updated Wednesday, Aug 1 at 8:01 AM

NEW YORK (AP) — Time Warner says its net income fell 33 percent in the second quarter as its Warner Bros. movie studio had weaker releases compared with a year ago.

The blockbuster Batman movie "The Dark Knight Rises" didn't open in theaters until the quarter ended. In the second quarter last year, Time Warner Inc. had "The Hangover Part II" in theaters and the next-to-last Harry Potter movie on home video.

Net income was $430 million, or 44 cents per share, compared with $638 million, or 59 cents, a year earlier. Revenue fell 4 percent to $6.7 billion. That's slightly below analysts' expectations of $6.95 billion, according to FactSet.

Adjusted for one-time items, earnings were a penny above expectations at 59 cents.

The company also reaffirmed its outlook for the year on Wednesday.

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