Audiences pointedly avoided the media giant’s remake of the classic TV show The Lone Ranger this summer. In its opening weekend, the film generated just $29 million in North American ticket sales, Reuters notes.
The poor performance will cost Disney between $160 million and $190 million in losses during the current quarter, the company’s CFO said on Tuesday.
Starring Johnny Depp, The Lone Ranger was just one of a number of big-budget blockbusters that failed to attract audiences this summer, including Sony‘s (SNE) disappointing $130 million Will Smith flop, After Earth.
Disney reported that during the June quarter, its film studio’s operating income fell 36%. Despite that, the company posted a quarterly profit of $1.85 billion. Adjusted EPS came in at $1.03, topping the $1.01 that Wall Street had forecast.
Shares of Disney fell almost 2% in Wednesday pre-market trading.