Walt Disney Co. late Tuesday reported 24 percent higher quarterly net income that beat Wall Street estimates. But shares fell slightly in after-hours trading on lower-than-expected revenue.
After the markets closed, the Burbank entertainment giant reported fiscal third-quarter net income of $1.8 billion ($1.01 a share), compared with $1.5 billion (77 cents) in the same period a year earlier. Revenue rose 4 percent to nearly $11.1 billion. Analysts surveyed by Thomson Reuters on average expected earnings of 93 cents a share on revenue of $11.3 billion.
Although "The Avengers," based on the Marvel superhero franchise, helped boost profits from the company’s struggling studio unit, studio revenue was nearly unchanged from a year ago at $1.6 billion. That was less than the Wall Street consensus of more than $1.7 billion.
Revenue from the broadcast and pay TV unit, which includes ABC and ESPN, grew 3 percent to $5.1 billion. Revenue from the company’s parks and resorts business was up 9 percent to $3.4 billion. Consumer products revenue rose 8 percent to $742 million.
Shares earlier closed up 16 cents, or less than 1 percent, to $49.81 on the New York Stock Exchange, but fell 2 percent in after-hours trading.