Time Warner Reports 3% Growth Helped by Turner and HBO Units

Time Warner reported 3% revenue growth for the third quarter, helped by its HBO premium TV service. Following widespread job cuts across the company, Time Warner is lifting its profit outlook for the end of the year. Shares are up nearly 15% over the past 12 months but have fallen 12% over the last 3. The media company is working to boost its Turner unit, which also saw larger-than-expected growth this quarter. Time Warner reported a profit of $967 million or $1.11 per share, down from last year’s earnings of $1.26 per share. The company's HBO unit announced a split from cable and pay-TV services last month. The content division is set to launch a stand-alone streaming service to take on the likes on Netflix.