Walt Disney Co said on Tuesday that they expect to lose about $190 million on their very expensive movie flop "The Lone Ranger."
"The Lone Ranger" stars Johnny Depp. The loss will be recorded for the quarter that ends in September. Disney shares dropped 1.9 percent in after-hours trading to $65.79 from a $67.05 close on the New York Stock Exchange.
The movie opened July 3 with a dissappointing $29 million in U.S. and Canadian ticket sales over its first weekend.
"There has been a lot said, I know, about the risk of basically high cost, tent pole films," Disney CEO Bob Iger said, "and we certainly can attest to that given what happened with Lone Ranger."
"We still think the tentpole strategy is a good strategy," he said. "That one way to rise above the din and the competition is with a big film, not just big budget, but big story, big cast, big marketing behind it."
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