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Disney made less money in its first fiscal 2013 quarter but still beat Wall Street expectations. And its online and social gaming segment swung to a profit.
The Walt Disney Co. just announced fiscal 2013 first quarter earnings. They slightly beat Wall Street expectations, at 79 cents per share on $11.34 billion in revenue; analysts who follow the company expected 76 cents per share on $11.21 billion in revenue.
Profits for the quarter were 3 percent lower than a year ago. In after hours trading, the stock was up almost 4 percent.
As with all Disney quarterly earnings announcement, you have to drill into how the company's operating segments performed to get the full picture.
The most interesting wrinkle for the first fiscal quarter was that Disney's movie business lagged all the other operating segments while the previously troubled Interactive segment began to show signs of life.
But before we get to that, let's put the overall business into perspective. Of that $11.34 billion in gross revenue, $5.1 billion — 45 percent — came from Media Networks, which includes ESPN, and believe it not, ESPN actually contributed to a loss in income for Disney in the quarter.