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Movie disappointments hit Disney Movie disappointments hit Disney
(about 9 hours later)
Profits at entertainment giant Walt Disney have fallen 46%, as some of its films disappointed at the box office.Profits at entertainment giant Walt Disney have fallen 46%, as some of its films disappointed at the box office.
Movies such as "Confession of a Shopaholic", "Bolt", and "Beverly Hills Chihuahua" performed poorly at the cinema and in DVD sales, it said.Movies such as "Confession of a Shopaholic", "Bolt", and "Beverly Hills Chihuahua" performed poorly at the cinema and in DVD sales, it said.
Disney made net profit of $613m (£407m) in the first three months of 2009, down from $1.13bn a year ago. The recession has also hurt its theme parks.Disney made net profit of $613m (£407m) in the first three months of 2009, down from $1.13bn a year ago. The recession has also hurt its theme parks.
However, its results beat Wall Street forecasts and its shares rose.However, its results beat Wall Street forecasts and its shares rose.
FROM BBC WORLD SERVICE More from BBC World Service
"After posting strong results last year, studio performance was disappointing," said chief executive Bob Iger."After posting strong results last year, studio performance was disappointing," said chief executive Bob Iger.
Operating profit at Disney's studio division fell 97% to $13m.Operating profit at Disney's studio division fell 97% to $13m.
Disney reported a sharp drop in guest spending at its resorts and theme parks, but said its cable television networks have held up well during the downturn despite lower advertising revenue.Disney reported a sharp drop in guest spending at its resorts and theme parks, but said its cable television networks have held up well during the downturn despite lower advertising revenue.
Disney owns the ESPN and ABC television networks.Disney owns the ESPN and ABC television networks.