Disney posted uninspiring fourth-quarter revenues, flat at about $22.5 billion and below the Bloomberg consensus estimate of $22.8 billion. Adjusted EPS beat at $1.11 versus the $1.07 expected. The miss sent shares in New York down 8% in the cash session, the largest intraday decline since April 3. The company also warned about softening across its entertainment unit. 

Here's the snapshot of the fourth quarter earnings:

Revenue: $22.46B (-0.5% y/y, miss vs. $22.83B est.)

Adjusted EPS: $1.11 (beat vs. $1.07 est.)

Entertainment Segment: 

Revenue $10.21B (-5.7% y/y)

Op. income $691M (-35% y/y, miss)

Sports Segment:

Revenue $3.98B (+1.7% y/y)

Op. income $911M (-1.9% y/y)

Experiences (Parks & Cruises) Segment:

Disney+ subs: 131.6M (+3% q/q, beat)

Domestic: 59.3M International: 72.4M

Hulu subs: 64.1M (+15% q/q, beat)

Average Revenue Per User

Disney+: $8.04 (up q/q, beat)

Hulu SVOD: $12.20 (slightly down)

Hulu Live TV: $100.02 (flat)

Disney's entertainment unit (streaming, film, and TV) faces several challenges:

Streaming: Q1 operating income forecast at $375M, below what analysts hoped for.

TV: Lower political ad spending will drag performance

Major film releases: Marketing and distribution for Zootopia 2 and Avatar: Fire and Ash will reduce Q1 earnings by $400M

Film releases: Marketing and distribution for ZoSports: Launch of full ESPN streaming helps, but timing of rights payments limits profit growth.otopia 2 and Avatar: Fire and Ash will reduce Q1 earnings by $400.

Avatar opens December 19, giving Disney minimal revenue inside the quarter.