AOL Time Warner today reported a rise in first quarter cash earnings per share to 23 cents from 19 cents a year ago. This beat Wall Street consensus forecasts by 3 cents.
First-quarter earnings rose 20 per cent to $2.1 billion.
The figureswere achieved on a 9 per cent rise in sales to $9.1 billion, compared with figures from the pervious year's quarter, before America Online and Time Warner merged.
Revenue growth was driven by a 9 per cent increase in subscription revenues to £3.9 billion - a 10 per cent increase in advertising and commerce revenues to $2.1 billion and an 8 per cent increase in content and other revenues to $3.2 billion.
Including the cost associated with the merger the company made a loss of 31 cents a share, or $1.4 billion.
The net loss also included pre-tax non-cash charges of $620 million reflecting the write-down of certain investments in the AOL Time Warner investment portfolio, the company noted.
AFP