Disney (DIS) reversed earlier gains and was recently falling after the company's third-quarter earnings report.
Disney said it earned $1.58 billion, or $1.03 a share, up from $1.83 billion in the year-ago period and ahead of the $1.01 analysts were expecting. Revenues rose 4.4% to $11.58 billion, coming in just a bit shy of the $11.64 billion consensus.
The company's largest division, media networks, logged 8% growth in operating income on a 5% increase in revenue.
Disney's parks and resorts unit saw profit climb 9% on a 7% increase in revenue.
The studio arm logged a 2% decline in revenue, in part on the back of promotional costs for box office dud The Lone Ranger.
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Sterne, Agee & Leach's Vasily Karasyov was one of the first analysts out with a take on the quarter, writing "DIS 3Q results came in better than we expected and in line with consensus, as the headwinds the company highlighted on the previous call weren't as bad. The results don't seem to include the impact of The Lone Ranger. We think the company may have written it down gradually before the release."
The stock is up 32% in the past year, outpacing the broader market’s gains.
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