Walt Disney reduced profit by 37% in the first financial quarter

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Net profit of Walt Disney Co. fell by 37% in the first financial quarter, which ended December 29. Profit was $2.79 billion or $1.86 per share versus $4.4 billion or $2.91 per share over the earnings period last year. Adjusted earnings per share surpassed analysts' forecasts of $1.54 and reached $1.84. Revenues for the quarter decreased slightly - from $15.35 billion to $15.3 billion. Operating profit fell more than 1.5 times to $309 million, and revenue - by a quarter to $1.8 billion. Walt Disney did not release loud releases like “Star Wars: The Last Jedi” in the last financial quarter, which can explain the weak performance. Revenues of the theme park division, which also produces consumer goods, grew by 5% to $6.82 billion, and operating profit by 10% to $2.15 billion. The operating profit of the media division jumped 7% to $5.92 billion.

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