Walt Disney has reported a bigger fall in third quarter earnings than expected, despite recent blockbusters
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The company blamed costs involved with its plunge into streaming and its acquisition of Twenty-First Century Fox, a deal which closed in March. The direct-to-consumer and international unit reported an operating loss of $553m from April to June, more than the $441m loss analysts had anticipated, and up from a $168m loss from a year earlier.
Future digital investments will lead to an operating loss of around $900m in the direct-to-consumer unit in the quarter that ends in September, the company said.Image:Operating income at Disney's theme parks unit rose 4% to $1.7bn while the company's media networks division, which includes ESPN, the Disney Channels and FX, reported a 7% increase in operating income to $2.1bn .
Disney will launch its streaming service Disney+ on 12 November with subscriptions priced at $7 a month in the US.
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