The Walt Disney Company (NYSE: DIS) reported fiscal fourth-quarter earnings increased 12 percent to $1.39 billion, or 77 cents per share, compared with $1.24 billion, or 68 cents, a year earlier. Revenue for the quarter that ended in September rose 7 percent to $11.57 billion from $10.78 billion in the year-ago period.
Wall Street had expected the company to report earnings of 76 cents a share on $11.40 billion in revenue, according to analysts polled by Reuters.
In addition, the company announced the highly-anticipated next movie in the "Star Wars'' franchise will hit theaters this December.
On Thursday, shares of Disney dropped 2.68 percent to close at $67.15 ahead of the company’s earnings announcement after its deal with Netflix failed to impress investors. The stock fell 1.89 percent to $65.88 in after-hours trading.
Also after the closing bell, Groupon Inc. (NASDAQ: GRPN) and Priceline.com Inc. (NASDAQ: PCLN) reported quarterly results.
The Dow Jones industrial average tumbled 152.90 points, or 0.97 percent, to close at 15,593.98. The S&P 500 was down 23.34 points, or 1.32 percent, to end at 1,747.15. The Nasdaq Composite Index was down 74.61 points, or 1.90 percent, to finish at 3,857.33.
Video Credit: Reuters