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Disney Erases Almost All Its Pandemic Gains After Earnings Miss
- New subscribers to Disney+ service top 12.1 million worldwide
- Theme-park profit also falls short of Wall Street projections
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Walt Disney Co. shares fell the most September 2001, dragged down by disappointing advertising sales and costly streaming programming.
Losses at the company’s direct-to-consumer arm, driven by its Disney+ service, more than doubled to $1.47 billion in its fiscal fourth quarter, due to higher programming expenses and the cost of global expansion. Weakness in cable-television advertising revenue also hurt Disney’s performance.