Shares in Walt Disney Co. rebounded Tuesday after the entertainment giant reported lower first-quarter profit due to gains from sales of media properties last year, but still beat analysts’ expectations.

Disney reported first quarter net income of $1.25 billion (63 cents per share), a 26 percent dip from $1.7 billion (79 cents) from the same period a year earlier. The company said the dip in profit was due to the sale of its interest in US Weekly magazine and the E! Entertainment channel last year.

Still, the company beat Wall Street expectations of 52 cents per share, according to a poll by Thomson Financial.

Revenue for the Burbank-based company grew 11 percent to $10.5 billion compared to $9.58 billion in the same quarter a year earlier — also beating analysts’ predictions of $10 billion.

“We’ve started off 2008 with another outstanding quarter, marked by strong creative and operational performances,” Robert Iger, Disney’s president and chief executive officer, said in a statement.

Shares in Disney closed down 2.7 percent to $30.07 but rebounded, gaining 5.4 percent to $31.68 in after-hours trading Tuesday on the New York Stock Exchange.