UPDATE: Time Warner Reports Upbeat Q1 Earnings

Time Warner Inc TWX reported better-than-expected adjusted profit for the first quarter on Wednesday. The company's quarterly profit dropped to $653 million, or $0.59 per share, from $725 million, or $0.62 per share, in the year-ago quarter. The company's adjusted earnings came in at $0.58 per share. The company's revenue surged to $6.68 billion from $6.32 billion. However, analysts were expecting earnings of $0.56 per share on revenue of $6.48 billion. TWX shares fell 0.29% to close at $37.73 yesterday. Read more from Benzinga's Company news.