Top Stories | Disney Stock Sinks while Electronic Arts Soars
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Disney shares plunged in after-hours trading on Tuesday after the company reported earnings that missed the Street’s expectations. The media giant posted fiscal second-quarter earnings per share of $1.36 with revenue totaling $13 billion, compared to wall street predictions of $1.40 earnings per share and $13.2 billion in revenue. The House of Mouse also reported that cable network revenues fell 2 percent in the quarter to $4 billion in total, and that consumer product sales declined 2 percent to $1.2 billion. Electronic Arts reported better-than-expected results for its fiscal fourth-quarter on Tuesday. The video game maker reported earnings of .50 cents per share on revenues of $924 million dollars. That’s compared to a year ago when the company reported earnings of .39 cents per share and $896 million in revenue. “FY16 was a phenomenal year for Electronic Arts as we connected hundreds of millions of players to great new games, and helped them connect with each other through rich and dynamic live services,” said Chief Executive Officer Andrew Wilson in a statement.
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