Disney shares fall as earnings miss

Disney’s parks business has momentum: CFRA research analyst

CFRA research analyst Tuna Amobi on Disney’s upcoming earnings and outlook, the outlook for mergers in the media sector.

Walt Disney on Tuesday reported second-quarter earnings and revenue that missed Wall Street estimates amid soft growth in its cable networks business.

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The media giant reported net income of $2.92 billion, a 23% increase compared to the same quarter last year. On an adjusted basis, earnings came in at $1.87 per share, compared to a consensus estimate of $1.95.

Revenue grew 7% to $15.23 billion. Analysts were looking for $15.34 billion in revenue.

Shares were down more than 2% in after-hours trading.

This is a developing story. Check back for more.

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