Time Warner Inc. reported fourth-quarter earnings that came in above Wall Street expectations. Net income for the quarter was $293 million, or 40 cents per share, compared with $857 million, or $1.06 per share during the same period a year ago. Adjusted earnings per share were $1.25, which was above FactSet's $1.19 consensus. Revenue for the quarter improved to $7.89 billion, compared with last year's $7.08 billion during the same quarter. FactSet's revenue consensus was for $7.73 billion. Each of Time Warner's major business segments saw revenue growth year over year. At Warner Bros. revenue grew 17% to $3.87 billion, While Turner revenue increased nearly 7% to $2.84 billion and revenue at HBO rose more than 5% to $1.49 billion. In a statement, Chief Executive Jeff Bewkes commented on its proposed acquisition by AT&T Inc. , saying it will accelerate the company's efforts to spur innovation in the industry and that Time Warner is on track to close the deal later this year. Time Warner shares were inactive in premarket trade, but are up 43% in the trailing 12-month period, outperforming the S&P 500 Index , up 24%.
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