Updated Nov 9, 2017 6:02 PM EST
Walt Disney Co. (DIS) was hardly the happiest place on earth for investors Thursday as the company missed Wall Street analysts’ expectations for both revenue and earnings in the company’s fourth quarter.
The Burbank, California-based company reported fiscal fourth-quarter profit of $1.75 billion, or net income of $1.13 per share. Earnings, adjusted for one-time items, came to $1.07 per share.
The results did not match what Wall Street had expected. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The entertainment company posted revenue of $12.78 billion in the period, also falling short of Wall Street forecasts. Five analysts surveyed by Zacks expected $13.15 billion.
Disney shares have declined 1.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 15 percent. In the final minutes of trading on Thursday, shares hit $102.68, an increase of 8.5 percent in the last 12 months.
Looking ahead, Disney is banking on its $4 billion deal for Lucasfilm and “Star Wars” to revive the House of Mouse, hoping the latest installments in ghe sci-fi franchise, “The Last Jedi” in December and a Han Solo movie in May, to drive people to theaters.
Disney has drawn big profits in the past from the strengths of its TV channels, but that growth is challenged as more people dump cable subscriptions. As people turn to online replacements, Disney is hoping to lure them with a streaming service planned for 2019. “Star Wars” movies will be a big part of that.
Disney also wants to squeeze cash from “Star Wars” fans in the forms of toys and, theme park visits and hotel stays.
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