'Star Wars' Drives Disney To Record Quarterly Earnings

By Sue ChangMarketWatch Pulse

Walt Disney Co. late Tuesday said it posted its biggest quarterly earnings ever in the first quarter on the global success of 'Star Wars: The Force Awakens." The company reported its earnings jumped to $2.88 billion, or $1.73 a share, from $2.18 billion, or $1.27 a share, in the same quarter last year. Excluding items, the company would have earned $1.63 a share. Revenue grew 14% to $15.24 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $1.45 a share on revenue of $14.79 billion. Its studio entertainment business led the surge in operating income while media networks saw its operating income drop 6%. Despite the robust results, shares of Disney fell 1.9% in after-hours trade.

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