Time Warner sets lower 2008 profit growth target

NEW YORK (Reuters) - Time Warner Inc forecast on Wednesday profit growth to slow but possibly exceed analyst estimates in 2008 after reporting quarterly earnings that reflected increases in broadband and phone subscribers and sales of "Harry Potter" and "300" home videos.

This compares with growth of 17 percent in 2007.

Revenue rose 2 percent to $12.64 billion, matching the analysts' average forecast, according to Reuters Estimates.

AOL's revenue fell 32 percent, dragged down by a loss of 740,000 subscribers and offsetting a 13 percent rise in film division revenue.

(Reporting by Kenneth Li; Editing by Lisa Von Ahn)

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