Disney's profits fall 13%
Walt Disney Co., the world's biggest theme-park operator, said quarterly profit fell 13 percent as a slowdown in U.S. consumer spending caused earnings to decline at three of its four business units.
Net income dropped to $760 million, or 40 cents a share, from $877 million, or 44 cents, a year earlier, Burbank, Calif.-based Disney said Thursday. Excluding one-time items, profit of 43 cents missed the 49-cent average estimate of 19 analysts compiled by Bloomberg.
Profit slid at Disney's television business, theme parks and film division, while consumer-products earnings rose. Park bookings have “fallen off considerably” in the past month, Chief Executive Officer Robert Iger said as he announced discounts to attract visitors. Bloomberg News
Blackstone Group LP, the world's largest private-equity firm, posted the biggest quarterly loss in 18 months as a public company as the financial crisis eroded the value of the businesses and real estate it has acquired.
The loss excluding some costs was $502.5 million, or 44 cents a share, compared with a profit of $234 million, or 21 cents, a year earlier, the New York-based company said Thursday. The results were worse than even the most pessimistic analysts' estimates, sending Blackstone's stock down 12 percent. Blackstone's profits have shriveled since chairman Stephen Schwarzman took the company public in 2007. Bloomberg News