Disney's earnings miss forecasts as costs rise for its streaming future

August 7, 2019 7:20 AM

Shares of Disney, which had risen 27% this year and hit an all-time high last week, dropped as much as 5% in after-hours trading to US$135. Its biggest digital bet, a family-friendly subscription service called Disney+, is scheduled to debut in November. Shows aimed at adults will be concentrated on Hulu, which Disney now controls.

Future digital investments will lead to a roughly US$900 million operating loss in the direct-to-consumer unit in the quarter that ends in September, the company said, compared with expectations of a US$593 million loss. “I would speculate that they have decided to take all their lumps this quarter and put all this ‘bad’ news together, clearing the board for better results next quarter.”

Iger also said it would bundle its streaming services, charging US$12.99 a month for Disney+, ESPN+ and ad-supported Hulu, starting in November.

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