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Time Warner: first-quarter earnings down, outlook confirmed

( - Time Warner got off to a strong start to 2018 and remains on track to meet the financial targets it set at the beginning of the year, the New York-based media company said on Thursday.

The owner of HBO television networks and Warner Bros. film studios said its operating income fell to 1.8 billion dollars in the first three months of 2018, from 2.1 billion dollars one year earlier.

The group cited increased expenses, including marketing and programming costs, at Turner and HBO.

Revenues increased 3% to 8 billion dollars due to growth at cable unit Turner and Home Box Office.

Time Warner also confirmed its 2018 outlook, with adjusted operating income up in the high single-digit range.

Time Warner shares were down 1.1% in pre-market trading on the New York Stock Exchange on Thursday morning.

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