Time Warner posted improved profit and revenue for the first quarter that came in above Wall Street's expectations. The media and entertainment company said on Wednesday net income rose to $1.21 billion, or $1.51 per share, compared with $970 million, or $1.15 per share during the same quarter a year ago. Adjusted earnings were $1.49 per share, above the FactSet consensus of $1.29 per share. Revenue for the quarter rose to $7.31 billion, compared with $7.13 billion and above the $7.29 billion FactSet consensus. The media and entertainment company said that was thanks to growth at Turner and HBO, but was offset by a 3% decline at its Warner Bros. film studio. Warner Bros.'s "Batman v Superman: Dawn of Justice" has grossed roughly $863.12 worldwide so far, but faced strong first-quarter comparisons in last year's "American Sniper" and "The Hobbit: Battle of the Five Armies." Revenue at HBO saw an 8% increase due to a 5% bump in subscription revenue, while revenue at Turner rose 7% thanks to a 11% bump in subscription revenue and a 5% increase in advertising revenue.