The Walt Disney Company (NYSE:DIS) late Tuesday reported June-quarter profit that met expectations but revenues fell short of estimates.
Net income rose 24 percent to $1.83 billion, or $1.01 per share. Analysts had expected earnings of 93 cents per share. Revenue rose 4 percent to $11.09 billion, missing the $11.32 billion expected by analysts.
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While "The Avengers" raked in the cash and boosted profit, stagnant revenues from its movie studio resulted in the margin rise in its topline.
Studio revenue was almost unchanged from a year ago at $1.63 billion, which was less than the $1.77 billion analysts expected. Profits jumped to $313 million from $49 million a year ago.
Apart from "The Avengers" ticket sales for "Brave" were also robust, though the company saw fewer sales of its DVDs and Blu-ray discs.
Shares in the company fell 61 cents or 1.22% to $49.20 in pre-market activity.
LED-maker Cree, Inc.(NASDAQ:CREE) witnessed a reverse phenomenon. The company profit for the June quarter fell 49 percent on high costs, but revenue rose in line with analysts’ estimates.
The company earned $10 million, or 9 cents per share, in the three months period to June, down from $19.8 million, or 18 cents per share, in the same period a year earlier. Revenue rose 26 percent to $306.8 million.
Adjusted earnings were 25 cents per share compared to analysts’ estimates of 23 cents per share on revenue of $306.3 million.
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Cree's operating costs grew 35 percent to $98.2 million as research, sales and other expenses grew.
For 2012, Cree reported net income of $44.4 million, or 39 cents per share, compared with $146.5 million, or $1.33 per share in fiscal 2011. Total operating expenses for fiscal 2012 were up nearly 39 percent at $370.2 million.
Cree's shares rose 1.56 percent to $26.75 in the pre-open session.