For 2011 first quarter, revenue rose 6% to $6.7 billion from the same period last year, as the networks segment posted 18% growth during the quarter. The filmed entertainment segment was a drag on operating income, declining 10% year-over-year to $1.3 billion. Operating income margins were 19% vs. 22% in the same quarter prior year.
On the recent initiatives, Jeff Bewkes, the company's CEO, said, "We expanded the availability of our HBO GO streaming service to mobile devices; reached agreement with Apple to enable our Time, Fortune and Sports Illustrated print subscribers to access the iPad editions of these magazines at no extra cost; and, through Warner Bros., launched our test of premium video on demand. We've also bought back $1.3 billion of our shares so far this year, double the pace of last year. That reflects our confidence in our competitive position and growth prospects and our commitment to continue improving shareholder returns."Analysts project 12% upside over the next year with 65% buy ratings.