ReutersNov 08, 2019 04:15:49 IST
(Reuters) - Walt Disney Co
Disney+ - a family-friendly subscription service set to launch on Nov. 12 in the United States - will offer a digital library of more than 1,000 shows and 10 original films or series on debut, as it looks to take on dominant player Netflix Inc
The direct-to-consumer and international segment, which will house Disney+, reported an operating loss of $740 million (£577.36 million), compared with an operating loss of $340 million a year earlier.
The company had forecast that digital investments will lead to an operating loss of $900 million in the unit in the September quarter.
Operating income from its parks and consumer products business rose 17% to $1.38 billion.
Its studio entertainment segment, which includes Marvel, Pixar, Lucasfilms and Fox, reported an operating income of $1.08 billion, up 79% from a year earlier.
Operating income in its media unit, which includes ABC Studios and ESPN, fell 3% to $1.78 billion, hurt by a decrease at ESPN.
Excluding certain items, Disney earned $1.07 per share, above the average analyst estimate of 95 cents, according to IBES data from Refinitiv.
Revenue rose 34% to $19.10 billion, edging past analysts' average estimate of $19.05 billion.
The company's shares rose about 4% to $137.91 in trading after the bell.
(Reporting by Neha Malara and Lisa Richwine; Editing by Sriraj Kalluvila)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
