Time Warner raises profit forecast despite losses
The publishing crisis and AOL's struggling Internet division have caused another drop in profits for the U.S. media giant Time Warner. Nevertheless, Time Warner is raising its profit forecast for the full year.
In the third quarter, the surplus fell by almost 40 percent to 661 million dollars. However, the profit of the company, which is one of the world's largest media groups, was still better than analysts had feared. In addition, a one-off gain from the sale of the cable division had boosted earnings in the previous year.
Compared to the same period last year, sales fell by six percent to 7.1
billion dollars. This was also due to weaker DVD and movie business. As Time Warner announced in New York on Wednesday, the latest Harry Potter did not do as well as The Dark Knight a year earlier.
News Corporation, which is controlled by media mogul Rupert Murdoch, was due to present its figures on Thursday night. Walt Disney will follow next week.
Compared to the same period last year, sales fell by six percent to 7.1
billion dollars. This was also due to weaker DVD and movie business. As Time Warner announced in New York on Wednesday, the latest Harry Potter did not do as well as The Dark Knight a year earlier.
News Corporation, which is controlled by media mogul Rupert Murdoch, was due to present its figures on Thursday night. Walt Disney will follow next week.
