Walt Disney (NYSE:DIS) shares moved higher in after-hours trading Tuesday after the entertainment giant reported first-quarter earnings that beat analysts' expectations and revenue that topped forecasts despite the absence of a major blockbuster movie.
The Dow component reported earnings per share of $1.84 on revenue of $15.3 billion. Analysts polled by forecast EPS of $1.54 on revenue of $15.07 billion. That compared to EPS of $1.89 on revenue of $15.35 billion in the year-ago quarter.
Walt Disney shares gained 1.7% to trade at $114.55 postmarket following the report, from a regular close of $112.61. The stock is up 2.75% on the year, but barely, while the Dow is up nearly 9%.
Many analysts feared the worst from Disney's results because of the lack of a big movie release in the holiday season. In the year-ago quarter, Disney had released "Star Wars: The Last Jedi and "Thor: Ragnorak." This year, the movies were "Mary Poppins Returns," "The Nutcracker," and "The Four Realms."
Disney was helped by decent performances from its media businesses, including cable and broadcast, and its parks, experiences and consumer products.
Analysts have suggested the blockbuster films this summer will help.
