Walt Disney Co. (DIS) has reported mixed financial results for what was the entertainment company’s fiscal fourth quarter.
The Burbank, California-based company reported earnings per share (EPS) of $1.11 U.S., which was ahead of the $1.05 U.S. expected on Wall Street.
However, revenue of $22.46 billion U.S. missed forecasts that called for $22.75 billion U.S.
Management blamed the mixed print on diminishing returns for its traditional TV networks and theatrically released movies.
Revenue for the entertainment unit fell 6% from a year earlier to $10.21 billion U.S., dragged lower by TV networks such as ABC.
Streaming remained a bright spot for Disney as consumers continue to cut the cable cord and move away from traditional TV.
Operating income rose 39% to $352 million U.S. for Disney’s streaming services. The higher income resulted from increased prices for the streaming options.
The company’s flagship Disney+ streaming service added 3.8 million paid subscribers during the latest quarter, bringing its worldwide total to 131.6 million.
This was the last time the company will report subscriber numbers for its streaming services, which include both Disney+ and Hulu.
Instead, Disney will follow rival Netflix, which earlier this year stopped updating investors on its subscriber count and instead is focusing solely on financial metrics.
Revenue for the ESPN sports channel rose 3% to roughly $4 billion U.S. in the quarter, while operating income was flat at $898 million U.S.
Sales in the experiences segment at Disney, which consists of theme parks, resorts and cruises, increased 6% to $8.77 billion U.S.
DIS stock is down 4% immediately after the latest print, erasing most of the 5% gain the shares had racked up this year. Disney’s stock is currently trading at $112.20 U.S. per share.
