Walt Disney misses Q4 profit market estimate
The company has, however, beaten expectations by adding 12.1 million new subscribers
Walt Disney Co. has reported earnings at 30 cents per share for the fourth quarter, according to media reports.
The forecast is said to have fallen short of market expectations. This has been attributed to weakness in ad revenue and losses in streaming television.
However, the company has added 12.1 million new subscribers for Disney+, beating expectations.
In a statement, CEO Bob Chapek said Disney+ will be profitable in FY 2024.
While revenue from Disney's TV business has fallen 5%, it has registered 6% rise in profit due to lower cable TV programming costs.
