Media giant, AOL Time Warner, today reported a 6% jump in revenues during its second quarter, boosted by strong performances from the film and cable divisions.
The group’s revenues hit $10.8 billion for the quarter, whilst net profit jumped from last year’s $396 million to $1.1 billion this time.
Chairman and CEO, Dick Parsons, described the results as solid, saying that he is confident of meeting the company’s full-year financial targets.
However, the AOL online division continues to drag the company back, with revenues falling by 5.9% to $2.1 billion, whilst each of the other divisions posted a rise in figures. Advertising revenues at AOL dropped by 48% year on year and operating income was down by 23%.
At the film division, revenues rose by 16% in Q2, with a substantial contribution coming from the release of The Matrix Reloaded, as well as continued worldwide growth in DVD revenues and increases in television revenues related mainly to Seinfeld and Friends.
