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Disney's Profit Falls 30% on TV Costs, Weak Sales

April 28, 1999| Bloomberg News

Walt Disney Co., the world's No. 2 media company, said fiscal second-quarter profit fell 30% because of weaker home-video and merchandising sales and higher costs at its ABC network.

Profit from operations fell to $269 million, or 13 cents a share, from net income a year ago of $384 million, or 18 cents, adjusted for a stock split. Earnings matched the average estimate of analysts polled by First Call Corp. Revenue rose 5.2% to $5.51 billion from $5.24 billion.

Disney shares fell $2.50, or 7.1%, to close at $32.50 on the New York Stock Exchange.

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