Walt Disney on Tuesday reported profits that topped expectations, but revenues that fell short of forecasts amid continued weakness at ESPN.
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Disney beats on earnings, misses on revenue amid weakness at ESPN (DIS)
Everyone wants to know what updates Disney has on ESPN.
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The media giant said it earned $1.50 in adjusted earnings per share during its fiscal second quarter, and $13.3 billion in revenue.
Analysts had forecast that Disney would report $1.41 in adjusted EPS and revenue totaling $13.45 billion, according to Bloomberg.
ESPN was the focus of these earnings results in the wake of recent layoffs that affected dozens of on-air talent as the sports network continued to lose subscribers. lost 12 million subscribers
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Operating income from Disney's cable networks fell 3% from a year earlier to $1.8 billion. "
Revenues from Disney's parks and resorts increased by 9% to $4.3 billion, helped by Shanghai Disney Resort.
Studio entertainment recorded a 21% increase in operating income to $656 million, lifted by "Beauty and the Beast."
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