Media giant Time Warner Inc. reported Wednesday that its net income in the second quarter fell to 792 million dollars, down 26 per cent year-on-year, a figure which however surpassed analysts' expectations.

The net income figure came to 22 cents per share, compared with 28 cents in the second quarter of 2007. The earnings came on revenues of 11.6 billion dollars, up 5.2 per cent from a year earlier.

The main reason was declines at AOL, which has major operations in Dulles. Ad sales at the Internet company inched up 2 percent in the quarter ending June 30.

The financial agency Bloomberg said the second-quarter earnings beat the 23 cents average of 16 analysts. The revenues were also 200 million dollars above analysts' predictions.