Revenues beat the street thanks to film and television divisions
Hits like "Man of Steel" and "The Great Gatsby" along with the continued success of cable programs like HBO's "Game of Thrones," helped Time Warner's second quarter earnings trounce Wall Street's expectations.
Revenues at the media conglomerate increased 10 percent from the same period a year ago to $7.4 billion for the three months ending in June, as growth as growth in Time Warner's film and television divisions offset declines in its publishing business.
The company also posted adjusted earnings per share of 83 cents compared to 57 cents for the year-ago period. Net income for the period climbed 86.7 percent to $771 million, compared with $413 million in the year-ago period.
Analysts projected that Time Warner would post a profit of 75 cents a share, on revenue of $7.11 billion.
After the robust earnings report, Time Warner increased its 2013 full-year business outlook and said it now expects its percentage growth rate in adjusted per share income to be in the mid-teens compared to the 2012 rate.
Time Warner shares surged 3.31 percent in pre-market trading to $66.20 on news of the quarterly numbers and revised outlook.