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.
