Time Warner Beat Earnings, Buys 10% Stake in Hulu

Shares of Time Warner (TWX) moved higher Wednesday after raising its profit outlook for the year. But, for the latest quarter, the cable telecommunications company posted a mixed report. Earnings of $1.29 a share, topped analysts' expectations by $0.13 a share. Revenue of $6.95 billion for the period fell short of Wall Street's forecasts. Time Warner expects full-year earnings to be between $5.35 to $5.45 a share, which is up from its previous forecast. This comes as Time Warner announced that it will become a 10% owner of Hulu, the premium streaming TV service.