Profit Rises at Time Warner; Magazine Revenue Falls Slightly
Time Inc. parent and media behemoth Time Warner (TWX) today announced a first-quarter profit that rose 9.8% from the year-ago quarter, exceeding Wall Street’s expectations. Time Inc.’s magazine business swung to a first-quarter operating profit even as revenue declined slightly. (You can get the press release here.)
Time Inc.’s operating income for the quarter came in at $50 million, vs. an operating loss of $51 million a year ago. The company attributed the swing primarily to cost-cutting initiatives.
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