Disney down 26% in third quarter earnings
Corrected: 4:17 p.m.
Burbank-based Walt Disney Co. announced late Thursday that its third quarter earnings were down 26% from a year ago, in the latest news of poor profits for local entertainment industry giants.
The studio’s losses could affect local unemployment rates if Disney executives opt to cut more jobs, or decrease local project spending.
The company suffered from multibillion dollar losses from falling DVD sales, box office figures, advertising revenues and attendance at its parks and resorts.
Disney’s revenues for its studio entertainment division were down 12%, to $1.3 billion.
Its media networks division was off the mark by 2% from a year ago, to $4 billion, and its parks and resorts revenues fell by 9% or $2.8 billion.
Note: This post previously mistated the dollar values of Disney’s earnings and has been corrected.