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Disney shares slide despite Star Wars boost | Disney shares slide despite Star Wars boost |
(35 minutes later) | |
Disney shares fell over 4% in after-hours trading despite rising profits, as the performance of ESPN raised concern about the company's outlook. | |
Quarterly profit reached $2.9bn (£2.0bn), up from $2.2bn last year. | Quarterly profit reached $2.9bn (£2.0bn), up from $2.2bn last year. |
But profits for Disney's cable networks fell by 5% as programming costs on the sports channel ESPN rose. | But profits for Disney's cable networks fell by 5% as programming costs on the sports channel ESPN rose. |
The bright spot was Star Wars: The Force Awakens, which helped to boost studio profits by 86%. | The bright spot was Star Wars: The Force Awakens, which helped to boost studio profits by 86%. |
Star Wars: The Force Awakens has brought in more than $2bn at the box office alone, and sales of merchandise helped boost profits in the company's consumer products section by 23%. | |
The slip in cable revenue took some of the wind out of Disney's earnings announcement. | |
Profits for Disney's media networks, which includes ESPN, ABC and the Disney Channel, fell to $1.4bn. | |
ESPN has seen its subscriber base fall in the last few years as more people turn to streaming services rather than cable television. | |
Star Wars boom | |
The Force Awakens has already become the third highest grossing film of all time since it was released in December. | |
It is the first Star Wars film that Disney has made since purchasing Lucasfilm from Star Wars creator George Lucas in 2012 for $4bn | |
Profits at Disney's theme parks rose 22% in the quarter, mostly driven by visitors in the US. | |
Visitors to Disneyland Paris fell 8% following the terrorist attacks on the city in November. The park was closed for three days following the attacks, but saw further cancellations from visitors in the following weeks. |
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