Disney shares drop after company lowers cable outlook

BANGALORE: Walt Disney Co lowered profit guidance for its cable networks unit and reported quarterly revenue slightly below Wall Street forecasts, sending its shares down 6% on Tuesday.

The media company now expects annual operating income growth at the unit in the mid-single digits for fiscal years 2013 to 2016, chief financial officer Christine McCarthy said on a conference call. It previously had forecast growth in the high single digits.