Disney Says Film Studio’s Expenses Weigh on Current Quarter (2)

Walt Disney Co. reported sales that fell short of Wall Street estimates and said a slate of big-budget films, including a new Avatar picture, will weigh on results for the first quarter of its new fiscal year.

Revenue for the fourth quarter was little changed at $22.5 billion, Disney said Thursday in a statement, falling below the $22.8 billion average of analyst estimates compiled by Bloomberg. Earnings came to $1.11 a share in the period ended Sept. 27, excluding some items, beating estimates of $1.07.

The shares fell as much as 9.3% as trading got underway in New York, ...