Time Warner Returns to Quarterly Profit
Time Warner Inc., the world’s largest media company, swung back to a profit in the fourth quarter of 2003 after reporting a $44.9 billion loss in the same period a year ago because of write-downs at its AOL unit, the company reported Wednesday. Time Warner posted net earnings of $638 million, or 14 cents a share, in the three months ending in December, just shy of the 15 cents per share that analysts surveyed by Thomson First Call had been expecting. The year-ago net loss was equivalent to $10.04 per share. Revenues rose 6 percent to $10.9 billion from $10.25… Read more »