Time Warner beat its first-quarter earnings forecasts Thursday morning, but that apparently wasn’t enough to placate its investors.
After opening the day at $95.02 per share, the Jeff Bewkes-led media company’s stock price is down around 2.5 percent, thought it has rallied a bit from earlier in the day, to just below $94 per share.
Though Time Warner surpassed expectations on both earnings per share (EPS) and in revenue, its operating income dropped 8 percent. Higher programming costs at Turner and HBO were the main culprit to the down operating income figure, which still clocked in at $2 billion.
Earnings aside, investors are probably paying more attention to Time Warner’s ongoing battle with the Department of Justice over its proposed merger with AT&T.