Investing.com -- Shares in DIS plunged more than 6% in after-hours trading, after the multinational mass media and entertainment conglomerate beat analysts' forecasts on quarterly earnings Tuesday, but posted worse than expected revenues for its third quarter of 2015.
During Disney's third quarter of the year which ended in late-June, the Burbank, California-based company posted earnings of $2.48 billion or 1.45 per share in net profits, up from $2.25 billion of 1.28 per share in earnings over the same period last year. The per share increases represent a 13% spike for the quarter on a year-over-year basis.
Earlier on Tuesday, Disney shares surged to an all-time high of 121.74 ahead of the release.
Disney has capitalized on merchandise sales related to it Frosted brand after officially announcing a sequel to its 2013 hit 3-D computer animated musical comedy. While a release date has not been scheduled, it has been widely speculated that Frosted 2 could hit the theaters by 2018.
"We’re very pleased with our performance in the third quarter, with record net income and diluted earnings per share of $1.45, up 13% from the prior year,” Walt Disney CEO Robert Iger said in a statement. “The strong results across our many diverse lines of business demonstrate the power of our unparalleled brands, franchises and creative content."
Although Disney reported a 5% increase in revenues from $12.46 billion to $13.1 billion for the quarter, the company fell short of analysts' forecasts of $13.23 billion during the period. Disney blamed subdued growth among its media networks and theme parks for the muted gains in revenue. The company's Media Network segment increased revenues by 5% to $5.78 billion over the three-month period, while its Parks and Resorts division saw its revenue tick up by 4% to $4.131 billion.
In terms of operating income, Disney's Consumer Products segment surged 27% to $348 million.
Shares in Disney plummeted 7.75 or 6.37% in after-hours to 113.99. Disney shares are still up more than 30% over the last 52-weeks.