Disney Down In Q3
July 31, 2009 at 4:54 AM (PT)
WALT DISNEY CO. reported Q3 profit fell 26% as the recession cut advertising and theme-park sales. Net income dropped to $954 million, or 51 cents a share, from $1.28 billion, or 66 cents, a year earlier. Sales declined 6.9% to $8.6 billion in the quarter ended JUNE 27th, missing the $8.81 billion average of 17 analysts’ estimates, reports BLOOMBERG.
"It’s a tough economy and we can see that in DISNEY’s results," said JANNA SAMPSON, co-chief investment officer at OAKBROOK INVESTMENTS LLC. "A trip to DISNEYLAND or DISNEY WORLD is discretionary and so is ad spending. DISNEY will pick up again once the economy rebounds."
DISNEY was down 93 cents to $25.29 in after hour trading.
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