Disney reports quarterly net income of $2.94 billion
Results surpass Wall Street expectations
ORLANDO, Fla. – The Walt Disney Co. on Tuesday reported a fiscal second-quarter profit of $2.94 billion.
On a per-share basis, the Burbank, California-based company said it had net income of $1.95. Earnings, adjusted for one-time gains and costs, were $1.84 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.68 per share.
The entertainment company posted revenue of $14.55 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $14.23 billion.
Disney shares have declined 5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $101.90, a decrease of 8.5 percent in the last 12 months.
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