The Walt Disney Co. on Thursday reported earnings for the third fiscal quarter, with net income declining 26 percent and revenues down 7 percent.
Net income was down 26 percent to $954 million, while revenues were down 7 percent to $8.60 billion. Sales missed estimates of $8.81 billion, according to a Bloomberg poll of analysts.
Diluted earnings per share were 51 cents, compared with 66 cents in the prior-year quarter. Excluding some costs earnings were 52 cents, beating the 51 cent average estimate from analysts, according to Bloomberg.
The entertainment firm, whose earns income from media properties, amusement parks and consumer products, said the economy had an impact on results.
Media Networks division revenue was down 2 percent to $4.0 billion. Parks and Resorts were down 9 percent to $2.8 billion. Studio Entertainment fell 12 percent to $1.3 billion. Consumer products fell 10 percent to $510 million. Interactive Media was down 20percent to $113 million.
Media Networks operating income was down 13 percent to $1.3 billion. Parks and Resorts fell 19 percent to $521 million. Studio Entertainment net income reported a loss of $12 million compared to a gain of $97 million a year ago. Consumer products were down 37 percent to $96 million. Interactive media recorded a loss of $75 million compared with a loss of $91 million in the year ago period.