Walt Disney Co (NYSE:DIS) shares took a hit after the bell Thursday.
The company posted its latest quarterly earnings results late in the day, unveiling earnings of $1.07 per share on an adjusted basis, missing Wall Street’s consensus estimate of $1.12 per share, per Thomson Reuters. The figure also came below the year-ago mark of $1.10 per share.
Revenue was also a weak point for Disney, coming in at $12.78 billion, compared to analysts’ projections of $13.23 billion, according to Thomson Reuters. A year ago, the entertainment company raked in $13.14 billion in revenue.
The company’s media networks were hit hard, declining 12% compared to the year-ago mark to $1.48 billion. The figure also missed analysts’ expectations of $1.58 billion.
The miss was caused by lower advertising revenue at Freeform, ESPN and other Disney-owned television stations. The parks and resorts revenue topped the outlook at $746 million vs. $735.1 million.
The company’s studio raked in $218 million in revenue, a big miss compared to the guidance of $364.4 million. Its consumer and interactive segment amassed $373 million, below the Wall Street forecast of $470.4 million.
Disney CEO Bob Iger spoke to investors during the earnings call, saying he believes the company has what it takes to overcome its media woes moving forward.
One of the company’s moves to streamline revenue is by ceasing to stream its movies and TV shows on Netflix, Inc. (NASDAQ:NFLX) by 2019. Instead, the company will roll out its own streaming service.
DIS shares surged 1.8% after the bell Thursday.
