Disney (DIS) shares gained after hours as the company topped earnings forecasts but reported sales just below Wall Street's expectations.
Chairman and CEO Bob Iger called out Disney's upcoming slate of films, the debut of ESPN's streaming offerings, theme park investments, and the company's mega-deal with Fox (FOXA) in a press release announcing the results.
Earnings of $1.81 per share beat expectations of $1.61 per share in the first fiscal quarter of 2018 on a non-GAAP basis. Revenues of $15.35 billion missed forecasts of $15.48 billion, however.
Disney announced a $1.6 billion benefit from the new tax bill.
Shares of Disney gained 0.8% to $106.89 in after-hours trading, following a gain of 1.25% during Tuesday's trading session.
This is Disney's first earnings report since announcing its acquisition of Twenty-First Century Fox's (FOXA) film and TV studios, cable networks, global satellite TV businesses and other assets for $52.4 billion, or $66.1 billion including debt.
Iger discussed an app that would incorporate ESPN's content on CNBC before the earnings call. The health of the sports broadcasting unit has been a concern amid cord-cutting and waning NFL ratings. Netflix's (NFLX) record global streaming subscription additions of 8.3 million in the fourth quarter has only added to concerns about Disney's streaming efforts.
Expect details about the impact of "Star Wars: The Last Jedi," Marvel's "Thor: Ragnarok" and Pixar's "Coco" on the earnings call, which begins at 4:30 p.m. ET.