Time Warner's first-quarter results, in brief

AP News
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Posted: May 04, 2011 4:40 PM

RESULTS: Time Warner Inc.'s net income fell 10 percent to $653 million in the first quarter, mainly due to a lack of hit movies from Warner Bros. But revenue rose 6 percent, and the results beat analyst expectations.

THE OUTLOOK: Time Warner is sticking to its forecast for the full year, which calls for earnings excluding items to rise by a "low teens" percentage from last year.

GOING DIGITAL: Warner Bros. is buying Flixster, a social network for movie fans and the movie-review site Rotten Tomatoes. Time Warner says Flixster will be turned into a way for consumers to buy and rent movies online, hopefully from other studios as well.