Disney disappoints despite a string of movie hits
Walt Disney's latest profit has failed to impress Wall Street, despite producing blockbuster movie hits including Avengers: Endgame and Toy Story 4.
Profits at the entertainment giant fell 51% to $1.4bn in the last three months, despite revenues rising 33% to $20.2bn.But profits from a string of movie hits, including Aladdin, failed to offset other costs at the company.Disney chairman and chief executive Robert Iger said the third quarter results"reflect our efforts to effectively integrate the 21st Century Fox".
Disney's direct-to-consumer and international unit reported an operating loss of $553m, up from $168m a year earlier, from consolidation of Hulu and spending on Disney+ and the ESPN streaming service.
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