Disney beats on earnings, whiffs on revenue

Walt Disney on Tuesday reported profits that topped expectations, but revenue that fell short of forecasts.

The media giant said it earned $US1.50 in adjusted earnings per share during its fiscal second quarter, and $US13.3 billion in revenue.

Analysts had forecast that Disney would report $US1.41 in adjusted earnings per share and revenue totaling $US13.45 billion, according to Bloomberg.

ESPN was the focus of these earnings results in the wake of recent layoffs as the sports network continued to lose subscribers. According to the latest estimates, ESPN has lost 12 million subscribers in the last six years, and there was no sign of slowing.

Operating income from cable networks fell 3% to $US1.8 billion. “The decrease in operating income was due to a decrease at ESPN, partially offset by increases at the Disney Channels and Freeform,” Disney noted.

Disney shares fell nearly 2% in extended trading after the earnings results crossed.

More to come …

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