Variety reports they topped out at $7.3 billion, up from $6.8 billion in the year-ago period. Earnings per share for the three months ending in June finished up at $1.25, compared to $0.98 in last year’s second quarter. Net income hit $971 million, a 14% increase from $850 million in the year-ago period.
That easily topped Wall Street projections. Analysts projected revenue of $6.9 billion, on earnings per share of $1.03.
It was a quarter that saw the launch of HBO’s standalone streaming service, HBO Go, as well as the debuts of summer blockbuster hopefuls like “San Andreas” and “Mad Max: Fury Road.” The new streaming arm, as well as the most recent season of “Game of Thrones,” goosed subscription revenues by 4% or $40 million at HBO, the company said. However, operating income at the premium cable channel fell 7% to $508 million on higher content costs.
At Turner, revenues increased 3% to $2.8 billion largely due to licensing deals with Hulu and the growth of its international networks. That helped offset a modest 1% dip in advertising revenue. Operating income at the division rose 22% to $1.1 billion.
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