Disney released its earnings report today, but a leak of the numbers before the bell rung had investors making moves before trading actually ended. So shares dropped 5% in the final half hour before ending with a 2.9% loss. The company has said it’s investigating. As for the actual earnings, net income fell to $835 million from $895 million compared to a year ago. Revenues were flat at a 1% drop. The company said its fiscal 4th quarter profit dropped on charges and a decline in earnings at its cable channels and theme parks. Disney’s Media Networks division, which includes cable channels ESPN and ABC Family, experienced a revenue drop of 6.6% and a profit drop 18%. On the film side, however, the studio posted a profit of $104 million on the back of Toy Story 3 after seeing a loss same quarter last year. Bob Iger said that a shorter week in the quarter and a shift in collecting ESPN revenues were the main reasons for the company’s overall performance, but the outlook is bright. “With the acquisition of Marvel, our brand and franchise portfolio is stronger than ever and we’re confident our global growth strategy positions the company well to thrive in the coming years,” he said.
By THE DEADLINE TEAM | Thursday November 11, 2010 @ 12:41pm PSTTags: Bob Iger, Marvel Studios & Disney, Movies, The Walt Disney Company, The Walt Disney Company Finance, Toy Story 3
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