Disney stock tumbles after missing earnings expectations
- Disney missed earning expectations Thursday afternoon.
- Shares of the company fell 4% after the announcement.
Shares of Disney fell 4% Thursday after the company reported Q4 2017 earnings that missed Wall Street expectations.
The company reported earnings of $1.07 per share, short of the expected $1.34 expected, on revenues of $12.78 billion, below the expected $13.32 billion.
"No other entertainment company is better equipped to navigate the ever-evolving media landscape, thanks to our unparalleled collection of brands and franchises and our ability to leverage IP across our entire company," CEO Bob Iger said in a press release. "We look forward to launching our first direct-to-consumer streaming service in the new year, and we will continue to invest for the future and take the smart risks required to deliver shareholder value."
Investors are searching for clarity around the Disney's standalone streaming service, which it announced in August. Additionally, CNBC reported this week that Disney has been in talks to buy most of 21st Century Fox. Both of these issues, as well as questions around ESPN's recent struggles, will be on investors minds Thursday afternoon.
Shares of Disney are down 2.97% so far this year.
