The harsh economic environment dinged Disney (DIS) earnings. Revenue for the last quarter fell 8% to $9.6 billion.Net income fell 32% to $845 million.
The company’s movie studio operation was hurt much more than other divisions. Revenue dropped 26% to $1.9 billion. Operating income was off 64%.
At Disney’s TV network business, ABC did poorly as ad rates fell. The operating income in broadcasting was down 60%.
The market was upset about the results, sending Disney’s stock down almost 10% to $18.65.
Douglas A. McIntyre
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