Walt Disney Co. said Tuesday second-quarter results were lifted by strong box office gains but failed to meet Wall Street forecasts, sending shares sharply lower.
Disney shares tumbled some five percent in after-hours trade after reporting profits fell 51 per cent to USD 1.4 billion while revenues rose 33 percent to USD 20.2 billion.
The results included the recently acquired film and television assets from 21st Century Fox, which gives Disney a dominant share of the Hollywood box office as it looks to boost its share in on-demand television to compete with Netflix and Amazon.
"Our third-quarter results reflect our efforts to effectively integrate the 21st Century Fox assets to enhance and advance our strategic transformation," said Disney chief executive Bob Iger.
"I'd like to congratulate The Walt Disney Studios for reaching USD 8 billion at the global box office so far this year -- a new industry record -- thanks to the stellar performance of our Marvel, Pixar and Disney films."
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