Time Warner announced its financial results for the fourth quarter of 2016, and the figures may have just brightened the day of the entertainment group's investors. Results for the recently concluded quarter surpassed the company's expectations as well as that of analysts and industry experts.
Variety reported that Time Warner's financial results were largely influenced by the success of movie hits like "Fantastic Beasts and Where to Find Them" and hit shows like "Westworld." The entertainment group includes HBO, Warner Bros. and Turner.
Revenues of Time Warner climbed 11% year over year to $7.9 billion in the fourth quarter of 2016. Operating profits had a huge jump, experiencing 25 percent increase year over year to $1.8 billion during the same period.
The entertainment group reported that its net income fell to $293 million from $857 million, mainly because of debt repurchase expenses amounting to $1 billion. Even though the entertainment group's net income declined, the adjusted results of the company still surpassed Wall Street expectations.
Box-office hits at the Warner Bros. division of Time Warner led to quarterly revenues of $3.86 billion at the unit alone, according to Hollywood Reporter. The division is behind the movie hits "Fantastic Beasts and Where to Find Them" and "The Accountant."
While there are some successful movies, the division also saw several of its movies flop in terms of ticket sales. Such movies include like "Pan," "Jupiter Ascending" and "Live By Night."
HBO, home of series like "Westworld," "Game of Thrones" and "Veep," earned $1.49 billion in revenues during the fourth quarter of 2016. The 6 percent year over year increase in revenues was attributed to higher subscription revenues.
At the Turner unit, the 2016 presidential election boosted earnings and revenues. The Time Warner unit houses TBS, TNT, and CNN.
Jobs & Hire previously reported that Verizon wants to buy Charter, the telecommunication company that acquired Time Warner Cable.