Overall revenues rose 3% to $9.2bn (£6.4bn) with advertising and e-commerce revenues up just 1% to $2.3bn (£1.6bn) while subscription revenues climbed 10% to $4.1bn (£2.8bn).
The media and internet giant said total subscriptions were more than 135m for cable and internet, with flagship ISP America Online bagging an extra 1.3m subscribers during the period, bringing its total members to 30.1m.
AOL Time Warner said subscriptions had been boosted by the cross-promotion of its flagship ISP service America Online in magazines and on TV networks, and the promotion of its films and music across AOL.com.
The merger of the media and internet juggernaut was completed in January this year. It has already started making cutbacks designed to help meet stringent self-imposed targets to satisfy analysts who were dubious about the merger.
Gerry Levin, CEO at AOL Time Warner, said, "In just six months we've made great progress integrating the company. We plan to continue this focus throughout the year, driving efficiencies and taking advantage of cross-company synergies. Our subscription businesses are continuing to show robust growth and, as planned, we are looking forward to a strong second half for film and music."
Film revenues grew 5% to $1.9bn (£1.3bn), helped by a string of strong international performances from titles such as Miss Congeniality and Proof of Life. The group hopes the heavily promoted launch of Harry Potter and the Sorcerer's Stone later this year will continue this success, along with the release of Lord of the Rings in December.
Digital cable subscriptions almost trebled to 2.5m, sparking a 14% jump in revenues at the division to $1.7bn (£1.2bn). Cable TV networks including CNN saw advertising revenues fall 8%. This was offset by strong growth at HBO, which saw revenues grow 2% to $1.8bn (£1.3bn).
The group's music and publishing divisions were hit by declining music sales and the weakened ad market. However the group's Time Inc publishing division has been in discussions about buying UK consumer publishing giant IPC.
The deal would help the US firm realise its aim to derive 50% of its profits from outside the US.