Time Warner shares up on profits news

<p>Shares in Time Warner have risen.</p>

The share price of Time Warner has gone up today (August 7th) on the back of the firm announcing a rise in its latest profits.

It was confirmed by the company that it recorded an 87 per cent increase in its second-quarter profits, with its television and film brands having performed well during the period.

Quarterly profits were revealed by the firm to be $711 million (£460 million), which was up from $413 million a year ago.

Time Warner – which owns Warner Brothers and TV networks HBO and CNN – lifted its full-year profit outlook on the back of its latest financial results and this boosted its share price.

At 16:18 BST, its stocks were trading at 65.25, up 1.83 per cent on the start of the day's trading on the Nasdaq exchange in the US.

Shares in the firm are now closing in on a new one-year high, with the current record at 66.00.

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