Walt Disney on Wednesday (Aug 9) missed Wall Street's expectations for quarterly revenue but said it was on track to cut costs by more than the US$5.5 billion it promised investors in February. The entertainment conglomerate also said it fell slightly behind analyst projections for US subscribers of Disney
Walt Disney on Wednesday missed Wall Street's expectations for quarterly revenue but said it was on track to cut costs by more than the US$5.5 billion it promised investors in February.
"In the eight months since my return, these important changes are creating a more cost-effective, coordinated and streamlined approach to our operations, that has put us on track to exceed our initial goal of $5.5 billion in savings," he said. Disney reported revenue of US$22.33 billion for the quarter ended July 1, up 4 per cent from a year ago but short of the Wall Street average estimate of US$22.5 billion, according to Refinitiv data. It delivered per-share earnings of US$1.03, when excluding certain items, beating Wall Street projections of 95 cents a share. It was not immediately clear if the adjusted profit figures were comparably calculated.
Higher sports programming production costs, together with lower affiliate revenue, dragged down the performance of its cable channels. TV revenue for the quarter decreased 7 per cent to US$6.7 billion, while operating income fell 23 per cent to US$1.9 billion.
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