Walt Disney Co. said Thursday that the impact of the tough economy on its cash-strapped entertainment customers caused third-quarter net income to drop 26 percent.

After the markets closed, the Burbank entertainment giant reported net income of $954 million (51 cents per share) for the quarter ended June 27, compared with net income of $1.28 billion (66 cents) year ago. Revenue fell 7 percent to $8.6 billion.

Adjusting for charges, net income was 52 cents per share. Analysts surveyed by Thomson Reuters on average expected net income of 51 cents per share on $8.8 billion in revenue.

The Disney film studio operations recorded a loss of $12 million, with revenue down 12 percent to $1.26 billion on slower home video sales. Flat attendance and discount pricing at the company’s theme parks contributed to a 19 percent decline in profits at that unit to $521 million, with sales down 9 percent to $2.75 billion.

Advertising sales at the ABC broadcast network fell 4 percent to $1.4 billion, with profit down 34 percent to $204 million. Sales at Disney’s cable networks dropped 1 percent to $2.56 billion, for an 8 percent fall in profits to $1.12 billion.

“While a tough global economy impacted our performance in the quarter, we remain encouraged by the relative strength of our business,” Chief Executive Robert Iger said in a statement. “That strength is the result of strong brands, consistent business strategy and the steps we’ve taken to make our businesses more efficient without sacrificing quality.”

Before the release, Disney shares closed up 51 cents, or 2 percent, to $26.40 on the New York Stock Exchange, and were down 2 percent in after-market trading.