Disney beats Wall St expectations, shares rise nearly 2%
Walt Disney Co handily beat Wall Street earnings expectations on Wednesday, led by double-digit revenue growth in its movie and interactive businesses.
Disney cited the strength of the animated film "Frozen" for the movie unit's results and sales of "Disney Infinity" for video game consoles for the interactive business's growth.
Shares popped in after-hours trading.
Disney reported earnings of $1.04 on revenue of $12.31 billion. Analysts had expected the company to report earnings excluding items of 92 cents a share on $12.3 billion in revenue, according to a consensus estimate from Thomson Reuters.
(Read more: How Disney plans to keep kids hooked on TV)
Shares rose 1.7 percent on the news. (Click here to track its shares in after-hours trading.)
In the past week, several analysts raised their targets for earnings on the success of the company's two recent hit releases—the sequel "Thor: The Dark World" and animated musical "Frozen," according to Reuters.
The picture was more mixed in the media networks business, though. Cable networks operating income rose sharply on higher affiliate and ad revenue at ESPN. But broadcast operating income fell, as ABC incurred higher programming write-offs and higher costs for the hit series "Modern Family."
Theme park operating income rose on higher ticket prices and more food and merchandise spending at domestic parks.
The consumer products unit benefited from sales of "Planes" and "Monsters University" merchandise, offsets by lower sales for "Cars" and "Spider-Man" products.