The Walt Disney Company reported fiscal third-quarter earnings and revenue that missed analysts’ expectations on Tuesday. Here’s how the company did compared with what Wall Street expected: In the year-ago quarter, Disney reported adjusted earnings of $1.58 per share on revenue of $14.24 billion.
Shares of Disney slipped 2 percent in after-hours trade. Despite the top and bottom line miss, the entertainment giant saw strong growth in its studio, parks and broadcast units.
Disney said its studio revenue grew 20 percent year over year to $2.88 billion, driven by the strong box office performances of Marvel’s “Avengers: Infinity War” and Pixar’s “Incredibles 2.” Both movies quickly crossed the $1 billion mark in the global box office.
“Avengers: Infinity War” — which had the biggest opening weekend of all time both domestically and overseas — crossed that milestone in just 11 days. That pace is faster than any other movie in history.
Here’s what each business unit reported in revenue compared with what analysts expected, according to StreetAccount consensus estimates: While the parks business posted a 6 percent year-over-year increase in revenue, the segment saw operating income surge 15 percent year-over-year to $1.34 billion. Disney said the the surge in operating income was driven by higher guest spending amid higher average ticket prices and room rates as well as increases in food, beverage and merchandise spending. Read more from cnbc.com…
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