The Walt Disney Company revealed that its Interactive Media division revenues increased 13% from the previous quarter. However, the group still recorded a loss of $70 million in the second fiscal quarter, an improvement over the $115 million loss they posted in the first quarter. Disney contributed the improvement to a focus on social games and cheaper development costs for console games.
“Social game results were driven by lower acquisition accounting impacts which had a higher adverse impact on the prior-year quarter and improved title performance in the current quarter,” said Disney in its news release.
Disney went on to state that console title sales improved thanks to lower development costs but were also hurt due to the overall decline of game sales in the second quarter and fewer titles being released.
Diluted earnings per share for the entire Walt Disney Company increased 29% to $0.63 from $0.49. The Interactive Media sector was the only group to record losses.
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