Time Warner Posts Improved Q2 Earnings, Discloses 10% Investment In Hulu

Time Warner Inc. shares jumped nearly 2% in premarket trade after the company reported improved second-quarter earnings and said it has invested 10% in streaming service Hulu -- a joint venture of Walt Disney Co. , 21st Century Fox Inc. and Comcast Corp. . Time Warner's net income for the quarter was $952 million, or $1.20 per share, compared with $971 million, or $1.16 per share during the same quarter a year ago. Adjusted earnings for the quarter came in at $1.29 per share, well above the FactSet consensus of $1.16 per share. Revenue during the quarter hit $6.95 billion, down compared with the $7.35 billion the company reported in the year earlier period. The FactSet revenue consensus was for $7.06 billion. Revenue at Warner Bros. film studio fell more than 19% in the quarter to $2.66 billion, while revenue at Turner and HBO saw improvements. Shares of Time Warner are down nearly 14% in the last 12 months, but are up more than 17% in the year to date, outperforming the S&P 500 Index , which is up more than 5%.