Disney results beat Wall Street
Disney results beat Wall Street
By Gina Keating
ReutersWalt Disney Co on Tuesday posted a better-than-expected 22 percent rise in quarterly earnings on double-digit growth at its movie studio, theme parks and media networks, sending its shares up 3 percent.
“It was a fantastic quarter. Not only are theme parks doing better than investors feared, but the vast majority of the company aside from theme parks exceeded investors’ expectations, particularly the media networks,” said Rich Greenfield, analyst with Pali Research.
Net income in the fiscal second quarter ended March 29 was $1.1 billion, or 58 cents per share, compared with $931 million, or 44 cents per share, in the same quarter last year.
Revenue rose nearly 10 percent to $8.7 billion.
Analysts, on average, had expected earnings of 50 cents per share and revenue of $8.5 billion, according to Reuters Estimates.
