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.
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.