Pixar reports falling profits
It is strange to hear that Pixar, which used to be headed by Steve Jobs and now owned by Disney, can turn out with a disappointing result. However, the computer-animated film studio has indeed said their fourth-quarter profit fell 44 percent.
However, Pixar still managed to beat estimates with their sales and earnings. The company gained from home-video demand for their hit movies like the Finding Nemo and The Incredibles.
The net income of the company fell down to $30.9 million or 25 cents a share. This is disappointing considering last year Pixar made around $55.2 million, or 45 cents a share. The overall sales were also down by 49 percent to $55.6 million. This however bettered the market expectations of $45.4 million.
Pixar should do good this time around considering their latest animated feature Cars would be launched this year. They are for the time being relying on the sales of their existing products available in the market, which does not bring in much revenue.
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