LOS ANGELES (AP) - Disney is allaying concerns about cord-cutting after reporting better-than-expected revenue in the cable-network division that houses ESPN.
CEO Bob Iger told CNBC he remained "bullish" about the TV business, saying the loss of some pay TV subscribers industrywide this year was not a reason for panic.
Disney said Thursday that revenue at its leading business, cable networks, rose 12 percent to $4.25 billion in the fiscal fourth quarter, beating the $4.22 billion expected by analysts polled by FactSet.
Overall, revenue rose 9 percent to $13.51 billion, shy of the $13.55 billion expected. But adjusted earnings grew to $1.20 per share from 89 cents a year ago, beating the $1.15 expected.
Shares fell 52 cents, or 0.5 percent, to $112.48 in after-hours trading.