Disney's Stock Falls After Q3 Earnings, Sales Miss

Walt Disney Co DIS shares are down after reporting a third-quarter earnings miss.

Adjusted earnings came in at $1.35, missing estimates by 40 cents per share. Sales came in at $20.25 billion, missing estimates by $1.24 billion.

"Our third-quarter results reflect our efforts to effectively integrate the 21st Century Fox assets to enhance and advance our strategic transformation," said Robert Iger, Chairman and CEO.

"I'd like to congratulate The Walt Disney Studios for reaching $8 billion at the global box office so far this year--a new industry record--thanks to the stellar performance of our Marvel, Pixar and Disney films. The incredible popularity of Disney's brands and franchises positions us well as we launch Disney+, and the addition of original and library content from Fox will only further strengthen our direct-to-consumer offerings."

Highlights

• Media networks segment grew 21% year-over-year
• Parks, Experiences and Products segment grew 7% year-over-year
• Studio Entertainment segment grew 33% year-over-year

Disney shares traded lower by 3.8% to $136.50 in Tuesday's after-hours session.

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