Time Warner report losses

Time Warner report losses

Media giant Time Warner has reported a quarterly loss figures. One of the major reasons for the loss has been a massive $3 billion legal reserve, which they had to keep to settle a fraud class-action lawsuit. The company also plans to buy back stocks worth $5 billion in the next couple of years. The loss reported is around $321 million, or 7 cents a share. The company made a profit of around $777 million, or 17 cents a share last year in the same quarter.

Time Warner said that if we exclude the reserve, the company made revenues of around $850 million, or 18 cents per share, which are just below the market expectation of around 19 cents per share. The revenues for the company fell by 1% to $10.7 billion, which also were just below the market expected figures of $11 billion.

The company’s AOL unit reported that they have lost another 917,000 subscribers in the quarter in the quarter with the total figure now hovering around 20.8 million. The revenues as a result were down by $168 million drop. The company made a round $99 million in advertising revenues. Other units of the company include Warner Bros. and New Line studios, Turner Broadcasting, Time Inc. magazines and Time Warner Cable.