Disney misses on earnings and revenue as shares tumble in extended trade
The Walt Disney Co (NYSE:DIS) reported a miss on both earnings and revenue in its fiscal third quarter on Tuesday, sending shares of the media and theme park conglomerate falling in post-market trade.
Earnings came in at US$1.87 per share, compared to the average estimate for earnings at US$1.95 and the year-ago level of US$1.58. Revenues stood at US$15.23bn, against the average consensus of US$15.34bn. A year ago, revenue reached US$14.24bn.
Shares of Disney fell 2.32% to US$113.85 per share in post-market trade.
One of the top questions facing Disney would be how it plans to absorb assets of 21st Century Fox and its plans for the ESPN sports network.
READ: Disney shareholders give the green light for its acquisition of Fox’s entertainment division
Studio Entertainment revenues for the quarter increased 20% to US$2.9 billion and segment operating income increased 11% to US$708 million. The Studio Entertainment unit manages the lucrative franchises of Star Wars, Marvel and top animation maker Pixar.
Cable Networks revenue for the quarter increased 2% to US$4.2 billion and operating income decreased 5% to US$1.4 billion. Lower operating income was due to a loss at BAMTech and a decrease at Freeform, which was partially offset by an increase at ESPN.
Parks and Resorts revenue for the quarter increased 6% to US$5.2 billion and segment operating income increased 15% to US$1.3 billion, Disney said.
Disney is a mass media and entertainment conglomerate whose headquarters is in Burbank, California. It is the world’s largest such company in terms of revenue. The company owns major movie franchises such as Marvel, Star Wars and the top animation studio in Pixar.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202415/disney-misses-on-earnings-and-revenue-as-shares-tumble-in-extended-trade-202415.html
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