The Walt Disney Company released its quarterly earnings report Tuesday, missing analysts' expectations.
- Disney releases 3rd quarter earnings report
- Revenue at parks was $5.2 billion, up 6 percent
- Attendance up 1 percent at domestic parks
Disney reported $15.23 billion in revenue for the third quarter, up 7 percent from the same period last. Analysts expected Disney to report revenue of $15.34 billion.
However, the company saw growth in its parks and resorts division.
Revenue increased 6 percent to $5.2 billion for the quarter that ended June 30. Operating income rose 15 percent to $1.34 billion. Disney said the increase was driven by higher guest spending amid increased ticket prices and hotel room rates.
Disney said the timing of the Easter holiday had an "unfavorable impact" on the quarter.
Attendance at Disney's domestic parks was up 1 percent in the quarter.
Disney said occupancy was down 2 percent at the hotels due to reduced inventory and refurbishments.
Tuesday's earnings report comes after other theme park operators released positive financial results.
Comcast, the parent company of Universal, revealed during a July earnings call plans for a new theme park in Orlando.
SeaWorld, which has struggled in recent years, reported increased attendance and revenue at its parks.
Disney has several attractions under construction at its parks worldwide, with many of them at Disney World. Star Wars: Galaxy's Edge is set to open at Disney's Hollywood Studios in late fall 2019. A similar land will open at Disney land in California in summer 2019.
Also on tap for Orlando are Mickey and Minnie's Runaway Railway and Lightning McQueen's Racing Academy, a Guardians of the Galaxy coaster, a Rataouille ride and a Tron coaster.
The earnings call also comes after Disney and 21st Century Fox shareholders approved a $71 billion deal in which Disney will aquire Fox's entertainment assets.
Disney plans to launch its own branded streaming service by late 2019. During the earnings call with investors, Iger said the launch of the service is the "biggest priority" for the company next year.
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