Time Warner Inc reported higher-than-expected fourth-quarter results, largely due to box office hits such as the "Harry Potter" spinoff "Fantastic Beasts and Where To Find Them."
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Time Warner beats thanks to 'Fantastic Beasts' (TWX)
Time Warner Inc reported higher-than-expected fourth-quarter results.
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Time Warner topped Wall Street's estimates as the company, which owns film studio Warner Bros as well as the CNN and HBO television channels, confronts the challenge of more viewers going online to watch their favorite shows and movies.
On its earnings call with analysts, Time Warner announced that its streaming service, HBO Now, which launched in 2015, has 2 million US subscribers.
Here are the numbers:
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- Revenue rose to $7.89 billion from $7.08 billion. Analysts on average expected $7.72 billion, according to Thomson Reuters.
- Revenue from Warner Bros, the company's biggest revenue generator, rose 17% to $3.87 billion.
"Fantastic Beasts" grossed more than $800 million globally as of February 5, according to tracking firm Box Office Mojo.
Shares are up .35% at $96.56 a share on Wednesday afternoon.
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