- No petrol, diesel if you fail to produce PUC certificate at fuel stations from THIS date
- Bharti Airtel is first telecom company to launch 5g service in India; where do Jio, Vodafone Idea stand?
- 5G Services Launch Event Highlights - Jio 5G services across India by December 2023; Airtel to cover entire country by March 202
- Vikram Vedha Box Office Collection Day 1: How much money Hrithik Roshan, Saif Ali Khan-starrer made on first day
- UPI transactions jumps over 3% at 678 crore in September
Disney profit, revenue misses Street as cable business weighs
Walt Disney Co reported lower-than expected quarterly revenue and profit on Thursday, dragged down by a poor performance at its cable business, including a drop in subscribers at ESPN.
The company`s shares fell about 3 percent to $99.59 in trading after the bell.
The results come after CNBC reported on Monday that Disney had, in the last few weeks, held talks about buying most of Twenty-First Century Fox`s film and television assets. The two sides are not currently in discussion, CNBC had reported. [nL3N1NC5IJ]
Disney did not address the report in its earnings release.
Disney and other media companies are battling "cord cutting" as viewers defect to streaming video services such as Netflix Inc and Amazon.com Inc`s Prime.
A deal with Fox would help Disney bring additional programming it could use to lure larger audiences and add significantly to its content library, especially as it plans to start providing its own streaming services.
Revenue from Disney`s cable business, which includes ESPN and Disney Channel, fell marginally to $3.95 billion in the fourth quarter, while analysts on average were expecting a rise to $4.06 billion, according to Thomson Reuters I/B/E/S.
ESPN, Disney`s cash-cow, has been trying to combat subscriber declines by joining smaller bundles of cable channels and developing a streaming service it will sell directly to consumers.
Disney`s movie business generated revenue of $1.4 billion in the quarter, down about 21 percent and missing analysts average estimate of $1.61 billion.
Disney`s total revenue fell to $12.78 billion in the quarter ended Sept. 30 from $13.14 billion a year earlier.
Net income attributable to the company declined to $1.75 billion from $1.77 billion. Excluding items, it earned $1.07 per share. [nBw7dpw9Ka]
Analysts on average had expected a profit of $1.13 per share and revenue to rise to $13.23 billion.
Disney`s full-year adjusted profit was $5.70 per share. Chief Executive Bob Iger had warned in September that earnings would be roughly in line with the year-ago` $5.72.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.