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Time Warner's stock extends multi-year highs after Q2 net income beat

Published: 15:12 07 Aug 2013 BST

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Higher television advertising revenue, a sales boost of HBO's original content and a series of box office hits drove Time Warner's (NYSE:TWX) top and bottom lines higher in the second quarter.

The company's consolidated revenue increased 10 per cent to $7.4 billion, compared to $6.7 billion in last year's second quarter. 

Hit series like HBO's Game of Thrones attracted more viewers and helped lift revenue seven per cent to $3.8 billion in the networks division. Game of Thrones averaged 14.2 million viewers per episode in the third season, 20 per cent higher than the previous season.

On the film side, revenue jumped 13 per cent to $2.9 billion on the backs of flicks like Man of Steel, The Hangover Part III and The Great Gatsby.

Time Warner's publishing arm, which represents a fraction of overall revenue, reported a three per cent dip in revenue as both ad and subscription sales fell.

Net income soared 87 per cent to $771 million or 81 cents a share, versus $413 million or 42 cents a share last year. 

Excluding quarter-specific items, adjusted earnings leaped to 83 cents a share, compared to 57 cents a share last year and seven cents ahead of the mean analyst estimate.

Shares climbed 2.3 per cent from Tuesday's close, adding to gains this year that have brought the stock to its highest level in more than six years. 

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