Disney’s Earnings Slide, Beat Estimates

The Walt Disney Company (NYSE:DIS) reported third-quarter results after the bell today, Jul 30.

The entertainment giant announced earnings per share of 52 cents, down 23% from 66 cents last year. EPS did manage to edge out the Zacks Consensus Estimate by 2 cents on revenue of $8.6 billion, a 7% year-over-year decline.

Not surprisingly, the company’s President and CEO cited a weak economic environment for the decline in revenues.

However, he continued, “That strength is the result of Disney’s combination of strong brands, consistent business strategy and the steps we’ve taken to make our businesses more efficient without sacrificing quality.”

Shares were down about 3% a few minutes into after-hours trading.

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