Disney slides after missing on revenue and ending its streaming agreement with Netflix
Joe Faraoni / ESPN Images
The company on Tuesday said it earned $14.24 billion in revenue, less than the estimate for $14.42 billion according to Bloomberg. Disney earned $1.58 per share on an adjusted basis, topping the forecast for $1.55.
Disney's stock fell nearly 3% in extended trading after the earnings release.
Disney also announced that it would launch an ESPN-branded streaming service for sports content in early 2018, and a Disney-branded service in 2019. Disney said it would end its agreement to release new titles for streaming on Netflix, starting with movies released in 2019.
Netflix shares fell nearly 4% after-hours following the news.
Disney said it was investing $1.58 billion to raise its stake in BAMTech, a video-streaming company, giving it majority ownership.
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore