AOL-Time Warner (AOL) was down 4.1% in preopen Instinet trading after the media giant posted earnings of 32 cents a share, beating the consensus estimate of 28 cents and up from the year-ago profit of 23 cents.

Including goodwill amortization, the company posted a net loss of 17 cents a share, vs. 22 cents a year earlier. Revenue was $9.2 billion, below the $9.7 billion expected by analysts, according to

Thomson Financial/First Call

.

TheStreet Recommends

CEO Gerald Levin reaffirmed the company's 2001 target of $40 billion in revenue and $11 billion in earnings. Levin said he sees the advertising market bottoming, but an upturn isn't in sight.