The global economic downturn hit Walt Disney Co's quarterly results harder and faster than Wall Street expected, with the company on Thursday reporting a sharp decline in hotel bookings and softness in advertising revenue at its networks.
Disney reported net earnings of $760 million, or 40 cents per share, down from net earnings of $877 million, or 44 cents per share in last year's fourth quarter. Revenue rose 6 percent to $9.45 billion from $8.93 billion a year earlier. Analysts, on average, expected revenue of $9.33 billion for the quarter, according to Reuters Estimates.
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It was later announced that the budget for California Adventure's next big attraction, part of the Radiator Springs area under construction, will be scaled down. Thusly, the ride's name will be changed to Car.
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