Disney results miss expectations

A Disney store in London's Oxford Street.
A Disney store in London's Oxford Street.

Disney has revealed its net income fell 39% in the latest quarter, missing Wall Street expectations.

The US media giant posted third-quarter net income of 1.76 billion US dollars (£1.45 billion), down from 2.92 billion dollars (£2.4 billion) a year ago, with the runaway success of box office hit Avengers: Endgame failing to offset the cost of its investment in its ESPN Plus and Disney Plus streaming services.

Excluding one-time items, net income totalled 1.35 dollars per share. Analysts surveyed by FactSet expected net income of 1.72 dollars per share.

Shares fell by 3% in aftermarket trading.

Revenue rose 33% to 20.2 billion dollars (£16.6 billion), short of the 21.4 billion dollars (£17.59 billion) analysts expected.

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