posted quarterly earnings and revenue that came in well ahead of analysts' expectations, but the top line fell from the year-ago period as attendance dropped at the company's parks and resorts and a slowdown in advertising hit the media division.
In after-hours trading on the Instinet platform, shares of Disney were rising 6.4% to $22.40 after the company released the earnings report. In the regular session, the stock lost 1.6% to $21.06.
Excluding a gain, the company earned 15 cents a share in the first quarter ended Dec. 31, topping the First Call consensus estimate by 5 cents. The company reported net income, including all items, of 21 cents a share.
Revenue fell 5% to $7.05 billion from $7.43 billion. Analysts were expecting revenue of $6.62 billion.
Disney said the quarterly revenue for the media networks division fell 3% to $3 billion and operating income decreased 58% to $246 million. The parks and resorts segment saw revenue slide 17% to $1.4 billion, while operating income fell 51% to $187 million. Studio entertainment revenue declined 2% to $1.8 billion.