The Walt Disney Co. is having trouble with earnings, and it led the media giant’s stock to post its worst daily result in more than two decades.

Although Disney posted record sales in its most recent fiscal year, executives stunned investors with their forecast of segment operating income, which the company uses “as a measure of operating performance separate from non-operating factors,” according to a press release.

Executives expect it to grow at a rate of one to two-tenths of a percent in the new fiscal year, much lower than analysts had expected. MoffettNathanson analyst Michael Nathanson said the projected growth was 25 percent below the consensus forecast. Personally, he expected growth of 34%.

“Rarely have we been so wrong in our Disney earnings forecasts,” he wrote in a note to clients. “Given the company’s confidence that trends in the parks look solid, it seems the culprit for the massive earnings decline is a much higher-than-expected loss in direct sales and a significant decline in Linear’s networks.”

The cord-cutting and other problems that have hit the traditional media business are creating “more pressure to ensure the profitability of Disney’s domestic parks, which are now a key engine of growth,” he continued. “In addition, the company must prove that its pivot to DTC will be worth the investment that is now being paid out.”

This creates a challenging position for the stock, in his opinion.