Published February 05, 2013
LOS ANGELES – Media giant Walt Disney Co posted lower earnings on Tuesday, due in part to higher programming costs for its ESPN sports division.
Net income fell 6 percent to $1.38 billion from $1.46 billion. Net income per share fell 4 percent to 77 cents a share from 80 cents a share for the company's fiscal first quarter.
Revenues rose 5 percent to $11.3 billion from $10.78 billion a year earlier.
The company said operating income at its cable networks decreased $15 million to $952 million for the quarter due to a decrease at ESPN, partially offset by growth at its Disney Channel, ABC Family and A&E Television Networks.
(Reporting By Susan Zeidler; Editing by Leslie Gevirtz)