UPDATE: Time Warner Reports Upbeat Q2 Results

Time Warner Inc (NYSE; TWX) released its results for the second quarter on Wednesday. Time Warner reported its quarterly profit at $638 million, or $0.59 per share, up from $562 million, or $0.49 per share, in the year-earlier period. Its revenue climbed to $7.03 billion from $6.38 billion. On an adjusted basis, Time Warner's earnings came in at $0.60 per share. However, analysts were expecting earnings of $0.56 per share on revenue of $6.81 billion. Time Warner shares dropped 3.08% to close at $34.00 yesterday.