Pursuits
Disney Stokes Media Investors’ Fears as Results Fall Short
- Company shuts down Infinity game unit at cost of $147 million
- Strong dollar hurts profit from ‘Star Wars’ goods sold abroad
Disney Profit Slumps as TV Weighs on Film Success
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Walt Disney Co. reignited the fears of jittery media investors with second-quarter results that missed analysts’ estimates as profit from the ABC broadcast operation fell and the company shut down its Infinity video-games division.
Profit excluding some items totaled $1.36 a share, compared with a projection of $1.40, the average of estimates compiled by Bloomberg. It was the first shortfall against analysts’ projections in five years, according to data compiled by Bloomberg. Disney shares fell 4.8 percent to $101.50 at 9:58 a.m. in New York, their biggest intraday drop in three months.