Time Warner Inc. shares surged 1.5% in premarket trade Wednesday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter rose to $1.1 billion, or $1.34 per share, from $1.0 billion, or $1.20 per share in the year-earlier period. Adjusted earnings-per-share were $1.33, compared with the FactSet consensus of $1.19. Revenue for the latest quarter rose to $7.33 billion from $6.95 billion, above the FactSet consensus of $7.30 billion. The company also reaffirmed its 2017 guidance and continues to expect its merger with AT&T to close before the end of the year. Time Warner shares have surged 3.1% over the last three months, compared with a 3.6% rise in the S&P 500 .
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