Time Warner Q1 Profit Dips 14.3%

NEW YORK Time Warner today disclosed a 14.3 percent decline in first-quarter profit, as the media conglomerate’s AOL and publishing divisions continued to weather a deteriorating advertising market.

For the three-month period ended March 31, Time Warner reported net income of $661 million, or 55 cents per share, down from the year-ago result of $771 million, or 64 cents per share.

AOL and Time Inc. suffered the most precipitous declines, as both units saw revenue drop 23 percent.

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