Weakness at Walt Disney’s film and television businesses disappointed investors, sending its shares almost 8 per cent lower despite the entertainment group’s pledge to boost its dividend and double its share buyback programme next year.
Revenue from its film and TV studios fell in its fourth quarter — hurt by modest box office results and the broader decline in traditional networks — leading to overall sales that missed forecasts.
Total group revenue of $22.5bn in the quarter was unchanged on the previous year and fell short of analysts’ expectations for $22.8bn.
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