Disney beat on earnings despite massive miss from its cable networks
REUTERS/Michelle McLoughlin
A broadcast studio at Digital Center 2, a new 194,000 sq. ft building on the ESPN campus in Bristol, Connecticut May 22, 2014
Earnings per share came in better than expected at $1.55 per share against analysts estimates of $1.49 per share. Additionally, revenue came in lower than expected at $14.8 billion, lower than analysts' expectations of $15.4 billion.
Perhaps bigger than that, the profit from Disney's cable networks - including ESPN - missed estimates by a wide margin. Profit for the sector came in at just $864 million for the quarter, much lower than $1.08 billion that was estimated.
"We're very pleased with our financial performance in the first quarter. Our Parks and Resorts delivered excellent results and, coming off a record year, our Studio had three global hits including our first billion-dollar film of fiscal 2017, Rogue One: A Star Wars Story," said CEO Bob Iger in a press release.
Following the news, shares of the entertainment giant slid by 1.7% in post-market trading.
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