Carried by rising advertising sales and strong revenue for films like "The Hangover 2," media heavyweight Time Warner (TWX) revealed a 14% bump in second-quarter profits and stronger-than-expected non-GAAP earnings.

The parent of Time Magazine, CNN and HBO said it earned $638 million, or 59 cents a share, last quarter, compared with a profit of $562 million, or 49 cents a share, a year earlier. Excluding one-time items, it earned 60 cents a share, surpassing expectations for 56 cents.

Time Warner said its revenue rose 10% to $7.03 billion, topping the Streets view of $6.82 billion. Gross margins shrank to 42.5% from 43.6%.

We had another successful quarter and remain on track to meet our financial goals for the year. Our continued investment in our content and brands is paying off, CEO Jeff Bewkes said in a statement.

Advertising revenue grew by 8% last quarter, highlighted by an 11% jump at Turner Broadcasting, which includes TBS and TNT.

Time Warner said revenue at its networks divisions rose 9% to $3.5 billion. 

Revenue at the company's filmed entertainment division, including Warner Bros., increased 13% to $2.8 billion amid strength for films like "The Hangover 2," which grossed $563 million worldwide. The business was also boosted by revenue for "Harry Potter and the Deathly Hallows: Part 2," which grossed a record $314 million internationally on its opening weekend. 

Publishing revenue at Time Inc., the parent of Sports Illustrated and Time, inched up 3% to $946 million as subscription sales grew 2%.

Time Warner also slightly upped its guidance, now projecting full-year profit growth to be at least low teens, up from simply low teens earlier.

Despite the stronger-than-expected results, shares of Time Warner slid 2.91% to $33.02 Wednesday morning, eating into their 2011 gain of nearly 6%.

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