Time Warner third quarter profit drops, boosts outlook

Even so, the results beat expectations and the company boosted its full-year earnings forecast. And Time Warner said it is still on track to spin off AOL.

Shares rose 62 cents, or 2.1 percent, to US$30.78 in morning trading Wednesday.

The company confirmed that it will cut jobs at Time Inc., publisher of magazines such as Sports Illustrated and Fortune, though it would not offer details on the extent or timing of the cutbacks. Time Warner said it will take about US$100 million in restructuring charges this quarter.

Time Warner, which also owns the Warner Bros. movie studio and the HBO and Turner cable networks, said Wednesday its profit fell to US$661 million, or 55 cents per share, in the July-September quarter, down from US$1.1 billion, or 89 cents per share, a year ago.

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