NEW YORK - The world's biggest media company, Time Warner, has reported its first quarter net income climbed 59% to $1.46 billion (€1.15bn; £794m) from $915m in the same period last year, thanks to a stellar performance by its cable division.
The company says revenue was up one per cent to $10.46bn, slightly below average expectations of analysts.
Its AOL internet arm fared less well. Advertising revenue grew 26% to $392m in the quarter, but that was not enough to offset the 13% decline in subscription revenue to $1.54bn. As a result, overall revenue at AOL fell 7% and profits slid by 17%.