Disney is investigating how its fiscal fourth quarter results release was issued early, prompting an immediate slide in the media giant’s share price.
The company reported a profit of US$835 million (€608 million) for the quarter compared with US$895 million in the corresponding period a year earlier. Revenue was down 1.3% year-on-year, taking the total to US$9.74 billion.
Write-downs impacted earnings at the TV division, which includes the Disney Channel, ABC network and sports channel ESPN. Revenues at the media networks division were US$4.4 billion compared to US$4.7 billion in the same quarter last year. Profit was US$1.2 billion compared to US$1.5 billion across the same period.
In its earnings release Disney noted that the international Disney Channels generated more profit in the quarter, with higher subscriber numbers driving affiliate fees and advertising revenue. Disney also noted that revenue increased at its film and TV production studio.
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