Disney revenue falls 3 percent, weighed by ESPN and studio business

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FILE PHOTO - The logo of the Disney store on the Champs Elysee is seen in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen/File Photo (Copyright Reuters 2017)

Walt Disney Co's quarterly revenue fell 3 percent, hurt by a drop in advertising revenue at ESPN and a lack of hit movie releases compared with a year earlier.

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Disney's revenue decreased to $14.78 billion in the first quarter ended Dec. 31 from $15.24 billion a year earlier.

For more than a year, the media company has been struggling with subscriber losses due to "cord-cutting", especially at ESPN.

Net income attributable to Disney dropped to $2.48 billion, or $1.55 per share, from $2.88 billion, or $1.73 per share, a year earlier.

(Reporting by Rishika Sadam in Bengaluru; Editing by Savio D'Souza)