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Subject: Disney shares slide despite Star Wars boost
Written By: Philip Eno on 02/10/16 at 3:25 am
Disney shares fell over 4% in after-hours trading despite rising profits, as the performance of ESPN raised concern about the company's outlook.
Quarterly profit reached $2.9bn (£2.0bn), up from $2.2bn last year.
But profits for Disney's cable networks fell by 5% as programming costs on the sports channel ESPN rose.
The bright spot was Star Wars: The Force Awakens, which helped to boost studio profits by 86%.
Star Wars: The Force Awakens has brought in more than $2bn at the box office alone, and sales of merchandise helped boost profits in the company's consumer products section by 23%.
The slip in cable revenue took some of the wind out of Disney's earnings announcement.
Profits for Disney's media networks, which includes ESPN, ABC and the Disney Channel, fell to $1.4bn.
ESPN has seen its subscriber base fall in the last few years as more people turn to streaming services rather than cable television.
http://www.bbc.co.uk/news/business-35535390