Time Warner revenue misses, shares slide

Despite rising revenue in its cable divisions, Time Warner Inc. (NYSE: TWX) reported a companywide 6 percent drop in quarterly revenue to $7.08 billion, much of that owing to lackluster output by its movie studio Warner Bros.

Without box office success like “Interstellar” or the “The Hobbit” released a year earlier, revenue for Warner’s studio arm fell 13 percent to $3.3 billion.

Meanwhile, the company-owned cable channel HBO and its Turner division that includes CNN saw revenue increases of 5.5 percent and 2 percent, respectively.

With per share prices of $63.21 at the market’s close Tuesday, Time Warner stock has fallen 21.5 percent in the past year and opened Wednesday at its lowest point since August 2013, according to Reuters.

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