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Saturday, Feb 4, 2023

Disney Income Plummets in Q2

Weak sales of DVD titles and less spending by visitors to its theme parks contributed to The Walt Disney Co. posting a 44 percent decrease in net income for the second quarter when compared to the previous year. The Burbank-based media conglomerate reported net income of $613 million, or $0.33 per diluted share, on revenues of $8.1 billion for the quarter ending March 31. For the same period in 2008, the company had net income of $1.1 billion, or $0.58 per diluted share, on revenues of $8.7 billion. The media networks and consumer products were the only business units showing an increase in revenues for the quarter. Studio entertainment revenues decreased 21 percent due to lower sales of DVDs, lower performing titles in overseas theaters and higher distribution costs for future domestic releases. Parks and Resorts revenues dropped by 12 percent as visitors to the theme parks booked shorter stays at resorts and spent less money on food and merchandising. Revenues in the Interactive Media business unit were down partially due to lower salesof self-published video game titles. Mark R. Madler

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