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Disney Falls 6% After First Earnings Miss In Two Years

Walt Disney Co DIS 1.2% missed analyst estimates Tuesday. Adjusted EPS for Q2 was $1.36, which fell short of $1.40 estimates. Revenue of $12.97 billion was up 4 percent from Q1, but missed estimates of $13.19 billion.

Operating Income increased by 12 percent to $2 billion “due to lower programming costs and increased traffic through ESPN and affiliates.”

"We're very pleased with our overall results in Q2, which marks our 11th consecutive quarter of double-digit growth in adjusted EPS," said Bob Iger, chairman and chief executive officer. "Our Studio's unprecedented winning streak at the box office underscores the incredible appeal of our branded content, which we continue to leverage across the entire company to drive significant value. Looking forward, we are thrilled with the Studio's slate and tremendously excited about the June 16th grand opening of the spectacular Shanghai Disney Resort."

Shares of Disney closed up 1.2 percent at $106.66, but fell 6.3 percent to $90.90 after the earnings report was released.

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