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Disney earnings miss forecasts as costs rise for its streaming future

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Disney plunge into streaming and the folding of assets from Twenty-First Century Fox are some of the reasons it missed its earnings forecast. FMTNews

Disney decline was due to rolling out its streaming services and folding in assets purchased from Twenty-First Century Fox.

Excluding certain items, Disney earned US$1.35 per share for the quarter that ended in June, below average analyst estimates of US$1.75 per share, according to IBES data from Refinitiv. The direct-to-consumer and international unit reported an operating loss of US$553 million from April to June, wider than the US$441 million loss analysts were expecting, and up from a US$168 million loss from a year earlier.

For the just-ended quarter, executives said Fox’s film studio performed worse than expected while the costs to broadcast cricket through Fox’s Star India were higher than anticipated. Disney Chief Executive Bob Iger said the company was focused on integrating the Fox film and TV assets and using them with Disney’s businesses to move quickly into streaming video.

At the theme parks unit, overall operating income rose 4% to US$1.7 billion but declined at Disney’s US parks.

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