Disney (DIS) - Get Report shares were rising after the closing bell Tuesday after the company reported earnings per share of $1.84, well ahead of analysts' $1.70 per share expectations, on revenue of $14.55 billion vs. $14.11 billion estimates.
"Driven by strong results in our parks and resorts and studio businesses, our Q2 performance reflects our continued ability to drive significant shareholder value," said Robert A. Iger, Disney's Chairman and Chief Executive Officer. "Our ability to create extraordinary content like Black Panther and Avengers: Infinity War and leverage it across all business units, the unique value proposition we're creating for consumers with our [direct to consumer] platforms, and our recent reorganization strengthen our confidence that we are very well-positioned for future growth."
Shares were up 0.7% to $102.49 in after-hours trading on Tuesday.
Revenue from the company's struggling media networks rose 3% to $6.14 billion, while the company's movie studio, led by blockbuster hits like Black Panther, saw revenue rise 21% to $2.45 billion.
However, the media segment saw its operating income fall by 6% in the quarter, while operating income in the movie department rose 29%. The real weakness was in Disney's cable networks, which saw operating income fall 4% while broadcast networks saw their operating income remain flat year-over-year.
Disney is in the process of purchasing media assets from Twenty-First Century Fox (FOXA) - Get Report , with the boards of both companies urging Iger to stay on the job through the end of 2021. This week, it was reported that Comcast (CMCSA) - Get Report was preparing a rival bid for the Fox assets that Disney is attempting to buy.