Disney, the media giant, reported slightly higher than expected earnings for their fiscal first quarter on Tuesday.
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.
“Cable Networks revenues for the quarter decreased 2% to $4.4 billion and operating income
decreased 11% to $0.9 billion. The decrease in operating income was due to a decrease at ESPN,” according to a press release from Disney.
Other segments were also weaker than last year for Disney, with Studio Entertainment profit down 17% from the same quarter a year ago and Consumer Products & Interactive Media profit down 25% year-over-year.
“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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