Time Warner Inc. today reported $7.1 billion in revenue for the third quarter of 2011, up 11 percentthe highest growth rate in four years, the company said.
Operating income was $1.6 billion, up from $1.3 a year prior.
Driving the growth: Not exactly magazines: Time Inc., the company’s publishing arm, saw revenues fall one percent to $899 million and income fall 12 percent to $124 million. Higher paper costs combined with lower advertising revenues caused the decline. However, the first nine months of 2011, taken together, show growth over 2010 ($356 million in 2011 vs $344 million in 2010).
“This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year. Our results demonstrate the success of Time Warner’s focus on investing in great content that audiences love and leading the evolution of how it’s delivered,” CEO and chairman Jeff Bewkes said in a statement.