Disney's 2Q beats estimates despite soft theatrical revenue

FILE - In this April 12, 2019, file photo the logos for The Walt Disney Company and Chevron appear above a trading post on the floor of the New York S

FILE - In this April 12, 2019, file photo the logos for The Walt Disney Company and Chevron appear above a trading post on the floor of the New York S

NEW YORK (AP) — Disney's adjusted second-quarter net income declined as higher revenue from its parks was not enough to offset lower theatrical revenue.

However, the entertainment giant's results still beat Wall Street expectations.

Net income for the quarter ended March 30 jumped 85% to $5.34 billion, or $3.55 per share. The company's bottom line got a big boost from a non-cash gain from its acquisition of controlling interest in streaming service Hulu.

Adjusting for that and other one-time items, Disney's quarterly net income came to $1.61 per share, down from $1.84 a share a year ago. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share in the latest quarter.

Revenue edged up 3% to $14.92 billion. According to FactSet, analysts had expected $14.56 billion.