Time Warner said Wednesday that its net income fell 33 percent in the second quarter as its Warner Bros. movie studio had weaker releases compared with a year ago.
The blockbuster Batman movie “The Dark Knight Rises” didn’t open in theaters until the quarter ended. In the second quarter last year, Time Warner Inc. had “The Hangover Part II” in theaters and the next-to-last Harry Potter movie on home video.
Television networks were strong and represented the largest and most profitable part of the company in the second quarter. But gains there weren’t enough to offset the declines at Warner Bros. and at the Time Inc. magazine division.
Net income was $430 million, compared with $638 million a year earlier. Revenue fell 4 percent to $6.7 billion.
That’s slightly below analysts’ expectations of $6.95 billion, according to FactSet.