Shares in movie and entertainment behemoth Walt Disney Co (NYSE:DIS) fell 4% after hours in New York as the group reported quarterly results, in which revenue missed expectations.
The firm reported revenue of US$14.2bn in the three months to end June, little changed from last year, with theme park revenue keeping that number steady. But profits were about US$2.37bn, which was down around 9% compared to last year.
Notably, the firm is ditching its distribution deal with streamer Netflix (NASDAQ:NFLX), which shed 3.68% after hours, and going to start its own online streaming services in the US for movies, shows and sports.
Walt Disney just became the biggest cord-cutter Hollywood has ever seenhttps://t.co/ChqFlvhnQf— Wall Street Journal (@WSJ) 9 August 2017
Elsewhere, after the bell, car rental giant Hertz (NYSE:HTZ) jumped 4% and then eased back to be 0.60% higher as it posted an 'in-line' revenue for the quarter.
Contrast that with Avis Budget Group (NASDAQ:CAR), which yesterday posted numbers, which missed EPS (earnings per share) and sales forecasts. Shares shed almost 10% to US$30.09 on the day Tuesday.
Fossil unveiled a second-quarter loss of US$344.7mln, or US$7.11 a share, from a profit of US$6mln , or 12 cents a share, a year earlier, while its finance chief is also leaving
Also heading south in after hours trade was Pricelink Group Inc (NASDAQ:PCLN). The online fare aggregator firm shed 7.13% to US$2,049, as it reported weak guidance for its third quarter.