LOS ANGELES (AP) — Disney is allaying concerns about cord-cutting after reporting better-than-expected revenue in the cable-network division that houses ESPN.
CEO Bob Iger told CNBC that he remained “bullish” about the TV business, saying that the loss of some pay TV subscribers industrywide this year was not a reason for panic.
Disney said Thursday that revenue at its leading business, cable networks, rose 12 percent to $4.25 billion in the fiscal fourth quarter, beating the $4.22 billion expected by analysts polled by FactSet.
Overall, revenue rose 9 percent to $13.51 billion, shy of the $13.55 billion expected. But adjusted earnings grew to $1.20 per share from 89 cents a year ago, beating the $1.15 expected.
Shares fell 52 cents, or 0.5 percent, to $112.48 in after-hours trading.
Comment count on this article reflects comments made on Breitbart.com and Facebook. Visit Breitbart's Facebook Page.