New York - Profits at Time Warner media enterprise dropped 14 per cent in its fiscal first quarter as revenues were hit by an advertising slump and lower sales of DVDs.
The world's largest media company said that it earned 661 million dollars compared to 771 million dollars in the same quarter a year ago.
Revenue fell 7 per cent to 6.95 billion dollars. However the financial results beat Wall Street's expectations and the company's shares rose sharply in early trading Wednesday.