Walt Disney posted mixed quarterly results Thursday, and its chief executive touted the health of its television business after setting off concerns about the segment earlier this year.
The media giant reported adjusted earnings of $1.20 per share on $13.51 billion in sales for its fiscal fourth quarter, which marked increases of 35 and 9 percent, respectively, from the previous year.
Analysts expected Walt Disney to post earnings of $1.14 per share on revenue of $13.57 billion, according to a consensus estimate from Thomson Reuters. Disney shares were lower in extended trading.
Disney's largest segment — media networks — had operating income of $1.82 billion, a 27 percent increase from the year before. The company attributed the improvement to higher affiliate fees as well as stronger advertising revenue at the ESPN and ABC networks.