Disney earnings miss forecasts as cost of building streaming video rise

REUTERS: Walt Disney Co reported a steeper earnings decline than Wall Street expected on Tuesday as the company poured money into the streaming media business it is building to challenge Netflix.

Disney's 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.

"Some of the other misses seem to be related to the integration of Fox," said Jim Nail at Forrester."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."Netflix's shares slipped in April when Disney priced Disney+, at US$6.99 per month, below the video streaming pioneer's basic plan of US$8.99.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

StarHub Q2 net profit falls 36.1% on higher costs, weaker earningsMAINBOARD-LISTED telco StarHub saw earnings fall again by the double-digits in the second quarter on weaker operating profits and higher finance costs, in results released on Tuesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

GSH Q2 net profit falls 41% on higher sales cost, weaker hospitality businessGSH Corporation on Tuesday posted declines for its second quarter, with net profit down 40.8 per cent to S$1.31 million on higher cost of sales and a weaker hospitality business. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »