Time Warner Wednesday reported a 27 percent decline in second quarter earnings on a 10 percent rise in second quarter revenues, which included improved results for beleaguered digital media unit
America Online. Earnings suffered in comparison to the second quarter of 2003, when Time Warner recorded a significant gain related from certain investments and a settlement with Microsoft. Second
quarter 2004 revenues broke the $10 billion mark, totaling $10.9 billion. Through the first six months, Time Warner's revenues are up 10 percent to $21.0 billion.