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Disney Profit Slides 32%

Disney’s net income slid 32% in the fiscal first quarter, amid the sharp drop in consumer spending. For the quarter ended Dec. 27, operating income fell 64% at its movie studio, 24% at the theme-parks division and 29% at its Media Networks unit, which includes ABC. Revenue declined sharply at the company’s Studio Entertainment division and its Consumer Products division.

 

"We faced a challenging first quarter, with many of our businesses impacted to various degrees by the economic downturn," said Robert Iger, Disney’s president and chief executive. "This is the weakest economy in our lifetime."

 

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NYT