Iger on Disney Earnings: A Difficult Time
Disney CEO Bob Iger blames lower theme-park attendance (and subsequent price-cutting), reduced broadcast advertising revenue and disappointing film revenues for his company's disappointing results.
Iger told CNBC the demand for "the Disney experience" remains strong and he expects quarter-over-quarter improvement in theme-park attendance. He also expressed concern over a disappointing performance by Disney motion pictures and a general decline in DVD sales.
Excluding one-time items, the media conglomerate earned 41 cents a share in its fiscal first quarter, compared with a profit of 63 cents a share in the same period last year.
Analysts who follow the company predicted that Disney would turn in earnings of 51 cents a share, according to a consensus estimate compiled by Thomson Reuters.
Read more about Disney's earnings here.