"Wonder Woman" lifts Time Warner's profit
Time Warner Inc, which is in the process of being bought by AT&T Inc, reported a better-than-expected 11.6 percent jump in quarterly profit, helped by the success of its latest superhero movie "Wonder Woman".
Revenue from its Warner Bros unit, which includes the movie business, rose 12.4 percent to $2.99 billion, topping analysts` average estimate of $2.90 billion, according to data and analytics firm FactSet.
"Wonder Woman", featuring Israeli actress Gal Gadot, grossed about $800 million worldwide through July 31, the company said on Wednesday.
Spurred by the smashing box-office success of the movie, Warner Bros recently announced a December 2019 date for a sequel.
Revenue from Home Box Office (HBO), known for hit fantasy show "Game of Thrones", rose slightly to $1.48 billion. Analysts were expecting $1.51 billion, according to FactSet.
Net income attributable to Time Warner`s shareholders rose to $1.06 billion, or $1.34 per share, in the second quarter ended June 30, from $952 million, or $1.20 per share, a year earlier.
Excluding items, the company earned $1.33 per share.
Revenue rose 5.4 percent to $7.33 billion.
Analysts on average were expecting a profit of $1.19 per share and revenue of $7.3 billion, according to Thomson Reuters I/B/E/S.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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