Walt Disney Earnings, Revenues Miss Street; Shares Down three%


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(RTTNews.com) – Media and leisure large Walt Disney Co. ( DIS ), Tuesday reported a drop in revenue for the fourth quarter, as revenues declined three p.c. Shares of Disney slipped three p.c in prolonged hours after its earnings and revenues fell in need of Wall Street estimates.

Burbank, California-based Disney’s fourth-quarter revenue dropped to $1.75 billion from $1.77 billion final 12 months. On a per share foundation, earnings rose to $1.13 per share from $1.10 per share final 12 months, because of decrease variety of excellent shares.

Excluding particular gadgets, earnings for the quarter have been $1.07 per share. On common, 27 badysts polled by Thomson Reuters estimated earnings of $1.15 per share.

“No other entertainment company is better equipped to navigate the ever-evolving media landscape, thanks to our unparalleled collection of brands and franchises and our ability to leverage IP across our entire company,” stated Robert Iger, Chairman and Chief Executive Officer. “We look forward to launching our first direct-to-consumer streaming service in the new year, and we will continue to invest for the future and take the smart risks required to deliver shareholder value.”

In August, Disney introduced its plans to launch a Disney-branded direct-to-consumer streaming service in 2019.The leisure large additionally introduced that it’ll finish its distribution settlement with Netflix for subscription streaming of recent releases, starting with 2019. Disney may even launch its personal ESPN-branded video streaming service in early 2018, which can characteristic about 10,000 sporting occasions every year, can have content material from the MLB, NHL, MLS, collegiate sports activities and tennis’ Grand Slam occasions.

Media networks section’s revenues dropped three p.c to $5.47 billion, whereas parks and resorts items elevated 6 p.c to $four.67 billion. Studio leisure revenues dropped 21 p.c to $1.43 billion and client merchandise & interactive media division revenues decreased 6 p.c to $1.22 billion.

DIS closed Thursday’s buying and selling at $102.68, up $1.50 or 1.48% on the NYSE. The inventory, nevertheless, dropped $three.38or three.29% within the after-hours commerce.

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