Disney reports 2.8 percent fall in quarterly revenue


(Reuters) – Walt Disney Co (DIS.N) reported a 2.8 percent drop in quarterly revenue on Thursday, weighed down by the lack of any major box office releases, sending the company’s shares down about 3 percent in extended trading.

FILE PHOTO: The water tank of The Walt Disney Co Studios is pictured in Burbank, California February 5, 2014. REUTERS/Mario Anzuoni/File Photo

Disney’s revenue fell to $12.78 billion in the fourth quarter ended Sept. 30 from $13.14 billion a year earlier.

Net income attributable to the company declined to $1.75 billion from $1.77 billion.

The results come after CNBC reported on Monday that Disney had, in the last few weeks, held talks about buying most of Twenty-First Century Fox’s (FOXA.O) film and television assets. The two sides are not currently in discussion, CNBC had reported.

Disney did not address the report in its earnings release.

Disney and other media companies are battling “cord cutting” as viewers defect to streaming video services such as Netflix Inc (NFLX.O) and Amazon.com Inc’s (AMZN.O) Prime.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D’Souza

Our Standards:The Thomson Reuters Trust Principles.

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