This week, the Walt Disney Co. (NYSE: DIS) announced its financial results for the third quarter ended July 1, 2017, with revenue missing estimates but earnings beating expectation.
According to the company, revenue for the third quarter dropped from $14.28 billion in the same period last year to $14.24 billion, missing analysts’ expectation of $14.42 billion. Adjusted earnings per share also dropped from $1.62 to $1.58 per share, but beating estimates of $1.55 per share.
In addition, operating income for media and networks segment in the third quarter was $1.84 billion, less than estimates of $1.99 billion. Operating income of parks and resorts segment was $1.17 billion, beating estimates of $1.09 billion. For studio segment, operating income was $639 million, which also beat expectation of $636.6 million.
“Today we announced a strategic shift in the way we distribute our content. The media landscape is increasingly defined by direct relationships between content creators and consumers, and our control of BAMTech’s full array of innovative technology will give us the power to forge those connections, along with the flexibility to quickly adapt to shifts in the market,” Robert A. Iger, the Chairman and Chief Executive Officer of the company, said in the statement on Tuesday.