Walt Disney Q3 profit meets forecasts

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Media giant Walt Disney Co posted higher quarterly profit on Thursday, lifted by an increase in visitors to its theme parks.  (Reuters) Media giant Walt Disney Co posted higher quarterly profit on Thursday, lifted by an increase in visitors to its theme parks. (Reuters)
SummaryMedia giant Walt Disney Co posted higher quarterly profit on Thursday, lifted by an increase in visitors to its theme parks.

shares dropped 2 percent in after-hours trading to $49. Earlier, shares closed at $50.04, down 4 cents, on the New York Stock Exchange. They are up 33 percent this year.

Morningstar analyst Michael Corty said Disney produced another solid quarter particularly with its cable networks business, though he noted that revenue was below what some analysts expected. Overall revenue rose 3 percent in the quarter to $10.8 billion.

Disney has so many good things going for it that any weakness in the stock would be a buying opportunity, he said.

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