Disney Shares Fall After Missing Expectations
Disney ended its fiscal year with a thud in Wall Street’s eyes, with September quarter numbers coming in below analysts’ expectations — but with an explanation. The company says that last year’s fiscal 4Q had one more week than this year’s. The ABC-led Broadcasting unit offset some of that: Its operating profits rose 37% to $224 million with revenues up 8% to $1.70 billion. But much of the increase was due to program sales. The operation grappled with “higher programming costs, lower advertising revenue and an increase in equity losses from Hulu.”
This article was originally posted on deadline.com
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