Shares of the Walt Disney Company (DIS) - Get Report were moving lower over 3% in after-hours trading following mixed third quarter financial results from the multinational media conglomerate.

During the quarter the Burbank, Calif.-based entertainment company said it earned an adjusted $1.58 per share, on revenue of $14.23 billion. Analysts had projected earnings of $1.55 per share on revenue of $14.4 billion.

Disney also announced that it would pull its movies from Netflix (NFLX) - Get Report , and instead start its own branded direct-to-consumer streaming service in 2019. Further, Disney said it is launching an ESPN video streaming service in early 2018, featuring content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events.   

Shares of Disney have trailed the broad market, having advanced only 2% in 2017, compared with 11% for the S&P 500 index and 12% for the Dow Jones Industrial Average, which includes Disney.

Disney's conference call is slated for 4:30 p.m. EDT. 

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