Disney Shares Tank After Earnings, Sales Miss

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.