Disney whiffs on earnings and sales, stock plunges 6%

Disney reported quarterly profits and sales that missed analysts’ expectations after the closing bell on Tuesday.

The media behemoth posted adjusted earnings per share of $1.36 for its fiscal second quarter, while its revenues totaled $13 billion.

Analysts had estimated that the company posted $1.40 in adjusted earnings per share, and revenues of $13.21 billion.

Disney’s results come after a solid quarter for its films. With $73.7 million in domestic box-office sales, “Zootopia” smashed the record that “Frozen” set for the biggest opening weekend for a non-Pixar Disney animation. The Saturday box-office performance of $31.8 million was the largest ever for Walt Disney Animation Studios.

The company’s cable performance faced a tough comparison to last year because some college football bowl games were held during its fiscal first quarter, not the second. Bloomberg Intelligence analysts had forecast that ESPN ad sales would decline because of this timing.

Disney shares had rallied 1.5% this year through the close on Tuesday.

This chart shows the immediate drop in after-hours trading:

Refresh this breaking story for updates.

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