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Disney’s recent film John Carter has now been called one of the biggest flops in Hollywood history.
The Walt Disney Co. issued a statement Monday saying that film, which cost $200 million to make, will be forced to report a loss of over $120 million in the upcoming second fiscal quarter.
Carter, based on the character by Edgar Rice Burroughs, only made $30 million in its first week of release, and only $13 million in its second.
Before its March 9 release, Carter had reportedly gone over budget and needed extensive reshoots. Other factors which may have doomed the film include the lack of any name stars and director Andrew Stanton’s inexperience with shooting a live action movie. He previously directed the animated films Finding Nemo (2003) and Wall-E (2008).
The film stars Taylor Kitsch as a Confederate soldier who finds himself transported to Mars, where he becomes involved in an alien war.
"It's good that Disney's airing their dirty laundry now," said analyst David Joyce about Disney’s impending losses.
However, Disney is optimistic that brighter days are ahead.
"As we look forward to the second half of the year, we are excited about the upcoming releases of 'The Avengers' and 'Brave,' which we believe have tremendous potential to drive value for the Studio and the rest of the company,” spokespeople for the studio said.