NEW YORK (AP) — The Walt Disney Co.’s first-quarter net income beat expectations as higher revenue from its media networks and theme parks helped offset a weaker movie slate during the quarter.
Disney is working on building its streaming offerings by buying 21st Century Fox’s entertainment assets for $71.3 billion and launching its Disney Plus service later this year.
The entertainment company’s net income fell 37 percent to $2.79 billion, or $1.86 per share. The drop was due mainly to a hefty benefit from tax changes in the prior-year quarter. Excluding one-time items, net income totaled $1.84 per share. Analysts expected net income $1.54 per share, according to FactSet.
The Burbank, California-based company’s revenue slipped less than 1 percent to $15.3 billion from $15.35 billion last year. That beat analyst expectations of $15.16 billion.
