BURBANK, Calif. (AP) — Disney says its latest quarterly earnings fell 6 percent as its ESPN network absorbed higher programming costs and the performance of its movie studio sagged.
The downturn announced Tuesday was less severe than analysts had predicted. The Walt Disney Co.'s earnings and revenue for the final three months of last year topped analyst projections.
The showing may turn more investors into fans of Disney's stock, which has been hovering near its all-time high. The shares gained $1.01, or nearly 2 percent, to $55.30 in extended trading.
Disney earned $1.38 billion, or 77 cents per share, during its fiscal first quarter. That compares with net income of $1.46 billion, or 80 cents per share, in the same period in 2011.
Revenue climbed 5 percent from the previous year to $11.3 billion.