Walt Disney has reported lower-than-expected profits for the fourth quarter after feeling the effects of the economic slowdown. The firm reported net earnings of $760m down from $870m a year ago. Revenue grew to $9.45bn from $8.93bn. Disney reported a sharp drop in hotel bookings and the tougher advertising climate hit its television networks. Its fourth-quarter results were also hit by a bad debt charge, as the firm set aside cash to deal with the consequences of the bankruptcy of Lehman Brothers.

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