Disney revenue misses estimates for first time in eight quarters

Disney said operating income fell at its parks and resorts outside North America, hurt by lower attendance and occupied room nights at Hong Kong Disneyland Resort and higher operating costs at Disneyland Paris and Hong Kong Disneyland Resort.

Overall operating profit at its theme parks, which is the largest contributor to revenue and profit, rose 9 percent to $922 billion in the third quarter ended June 27.

Operating income at the company's largest unit, media networks, rose 4 percent to $2.38 billion in the quarter, as cable channels brought in higher fees from pay TV distributors.

The media networks segment includes sports channel ESPN, the Disney Channels and the ABC broadcast network.

Disney's studio business recorded a profit of $472 million, up from $411 million a year earlier, helped by the success of "Avengers: Age of Ultron".

The company's overall net income climbed to $2.48 billion, or $1.45 per share, from $2.25 billion, or $1.28 per share. Excluding items, the company earned $1.45 per share.

Revenue rose to $13.10 billion from $12.47 billion.

Analysts on average had expected a profit of $1.42 per share on revenue of $13.23 billion, according to Thomson Reuters I/B/E/S.

Disney shares fell 2.01 percent to $119.25 in after-hours trading on Tuesday. The stock had risen 29 percent this year, making it the best performing among the 30-member Dow Jones industrial average <.DJI> this year.

(Reporting By Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

WhatsAppFacebookTwitterLinkedinBeloudBluesky