Disney has started off the year strongly.
The biggest U.S. entertainment conglomerate on Tuesday reported a 12 percent rise in first-quarter earnings thanks to strong demand at its theme parks and cruise lines, together with an upturn in advertising on its ESPN sports cable network.
The Los Angeles company said its revenue rose 1 percent to $10.8 billion while profits were $1.5 billion, up 12 percent from $1.3 billion a year earlier.
"We're off to a good start in this fiscal year," Disney chief executive and President Bob Iger said in a statement.
Investors didn't agree, sending the company's stock down more than 1 percent in after-hours trading on concerns about the performance of Disney's movie studios, which failed to register a single blockbuster in the quarter.
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