Media giant Time Warner (TWX) reported Wednesday its third-quarter earnings fell 21% as the company took a hefty charge. Adjusted earnings, however, rose, handily topping analysts' estimates as revenue increased. The company also raised its 2010 earnings outlook.
Unintentional hilarity is usually not a good thing in a corporate earnings call, but when your results are as strong as those reported Wednesday by Time Warner, you can afford to have a sense of humor.
Time Warner (TWX) reported second quarter net income rose 7.2% to $562 million, or 49 cents pare share, from $524 million, or 43 cents a share, in the year ago period. Time Warner said this was due to strong results in all segments and cost-cutting measures, including spinning off its AOL and Time Warner Cable units.