Disney beats estimates, sees stronger quarters ahead
NEW YORK -- Walt Disney's DIS fiscal first-quarter profit dipped slightly but it topped expectations as revenue rose 5% to $11.3 billion.
Disney earned $1.38 billion, or 77 cents a share, in the first quarter, down from year-earlier earnings of $1.46 billion, or 80 cents a share.
Adjusted earnings in the quarter were 79 cents a share, topping the Wall Street estimate of 76 cents a share.
Disney said programming and production costs at its ESPN network rose during the quarter.
Disney CEO Robert Iger, during a conference cal Tuesday, said the entertainment giant was "confident about the year ahead, as well as our ability to create continued long-term growth."
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