Disney stock gains after holiday earnings and revenue beat expectations
The Walt Disney Co. announced stronger holiday earnings than expected Tuesday afternoon, sending shares higher in late trading. The entertainment giant reported fiscal first-quarter profit of $2.79 billion, or $1.86 a share, down from $2.91 a share a year ago but handily beating analysts' average expectations of $1.54 a share. Disney reported revenue of $15.3 billion, down slightly from $15.35 billion a year ago but ahead of expectations of $15.16 billion, according to FactSet. Disney shares gained about 2% in late trading after the results were released, after closing with a 0.7% gain at $112.61. The stock has gained 7.8% in the past year, while the S&P 500 index has increased 2.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.