Time Warner Inc. reported on Wednesday third-quarter earnings that rose to $1.04 billion, or $1.26 a share, from $967 million, or $1.11 a share, in the same period a year ago. Excluding non-recurring items, such as a one-time tax benefit, the media and entertainment giant said adjusted earnings per share came to $1.25, above the FactSet consensus of $1.09. Revenue rose to $6.56 billion from $6.24 billion, above the FactSet consensus of $6.50 billion, as 15% growth at Warner Bros. division and a 5% increase at the HBO segment helped offset a 2% decline at the Turner division. "Our revenue growth was led by Warner Bros. and Home Box Office, and illustrated how our investments in great content have been paying off in our traditional television businesses, as well as in newer areas such as videogames," said Chief Executive Jeff Bewkes. The stock, which was indicated 1.5% higher in light premarket trade, has lost 9.5% year to date, while the S&P 500 has gained 2.5%.
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