Disney Shares Tank After Earnings, Sales Miss

By Claudia Assis Markets MarketWatch Pulse

Shares of the Walt Disney Co. tanked in late trading Tuesday after the media company missed fiscal second-quarter sales and earnings expectations. Disney said it earned $2.1 billion, or $1.30 a share, in the quarter, compared with $2.1 billion, or $1.23 a share, in the year-ago period. Adjusted for one-time items, the media company earned $1.36 a share in the quarter, up from $1.23 a share a year ago. Sales reached $13 billion, up from $12.5 billion a year ago. Analysts polled by FactSet had expected the media company to report earnings of $1.39 a share on sales of $13.2 billion. Disney shares fell 6% after ending the regular trading day up 1.2%. The company said its sales from media networks were flat at $5.8 billion, while cable-network sales fell 2% and broadcasting revenue rose 3%. Revenue from Disney's parks and resorts businesses rose 4%. Attendance at Disney's theme parks was flat, the company said.

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