Disney slips despite Q3 earnings beat and boost to full-year outlook

Disney shares ticked slightly lower in premarket trading after the media giant topped Q3 estimates and hiked its full-year outlook.

Adjusted earnings per share came in at $1.61, coming in well above the $1.45 estimated from analysts polled by FactSet. Meanwhile, revenue reached $23.7 billion for the quarter, narrowly ahead of the $23.6 billion that Wall Street expected.

Looking ahead, Disney also hiked its full-year adjusted EPS guidance to $5.85 per share, up from $5.75 per share — and ahead of the $5.80 estimate by analysts.

Disney shares were up about 6.7% year to date heading into the report.

Ahead of its earnings report, the stock had been moving higher in the premarket thanks to another announcement from Tuesday evening: that its subsidiary ESPN was acquiring the NFL Network and other assets (including the RedZone Channel), with the National Football League receiving a 10% stake in ESPN.