Disney Shares Slip After Earnings Top Street Estimates

Walt Disney Co. shares slipped in the extended session Tuesday even after the media and entertainment giant topped Wall Street views for the quarter. Disney shares declined 1.3% to $95.37 after hours. The company reported adjusted fiscal third-quarter earnings of $1.62 on revenue of $14.28 billion. Analysts surveyed by FactSet had estimated earnings of $1.61 a share on revenue of $14.15 billion. Operating income in Disney's media networks was flat for the quarter at $2.37 billion from a year ago as revenue rose 2% to $5.91 billion. In a separate statement, Disney said it will acquire a 33% stake in video streaming company BAMTech for $1 billion for use in ABC and ESPN programs.