Walt Disney Co. shares declined in late trading Tuesday after the entertainment giant reported better profit than expected, but lower revenue. Disney reported net income of $2.48 billion, or $1.55 a share, on revenue of $14.78 billion for its fiscal first quarter after trading ended on Tuesday. Analysts on average expected Disney to report profit of $1.49 a share on sales of $15.3 billion. The shortfall in revenue was largely attributable to the continued decline of the company's television business, which has been hurt by a decline for sports-TV titan ESPN. The media networks business pulled in $6.2 billion in the quarter, about $200 million less than expected and a 2% decline from the same quarter a year ago. Disney cited "higher programming costs and lower advertising revenue" at ESPN as a drag on operating income for the segment. Disney shares fell about 2% in late trading following the report's release, dipping close to $107 after closing the day's session with a 0.5% decline at $109.
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