Disney's 4Q income falls 13 percent

November 6, 2008 2:02:38 PM PST
The Walt Disney Co., the family entertainment company that owns ESPN and ABC, says fourth-quarter net income fell 13 percent as higher costs offset a gain in revenues.

Net income fell to $760 million, or 40 cents per share, from $877 million, or 44 cents per share, a year ago.

Revenue grew 5.8 percent to $9.45 billion from $8.93 billion.

Adjusted earnings came to 43 cents per share, up from 42 cents.

The results missed the expectations of analysts, who expected Disney to earn 49 cents per share on revenue of $9.3 billion, according to Thomson Reuters.