DIS Walt Disney Co

By Michael Tobin

Shares of Walt Disney Co. (DIS) are down 6.7% Wednesday after the company posted third-quarter results Tuesday and reported earnings and revenue that missed analysts' estimates.

The media company reported adjusted earnings of $1.35 a share for the fiscal third-quarter ended June 29, down from $1.87 a year prior. Analysts polled by FactSet estimated adjusted earnings of $1.72 a share.

J.P. Morgan analysts said that 21st Century Fox's performance brought Disney down in the third quarter, but analysts are still maintaining their overweight rating.

"With so many moving pieces between the newly acquired Fox and Disney+ launch, there are bound to be some hits and misses each quarter," analysts wrote. "Near-term, 21CF will continue to make modeling this company a challenge and remain dilutive to results."

Disney's revenue increased to $20.2 billion, up from $15.2 billion a year earlier, but still fell short of Wall Street's estimate of $21.4 billion.

Write to Michael Tobin at michael.tobin@wsj.com

(END) Dow Jones Newswires

August 07, 2019 10:15 ET (14:15 GMT)

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