Why Shares of Disney Are Down Wednesday

Shares of Walt Disney (NYSE: DIS) fell more than 5% on Wednesday after the entertainment giant reported fiscal third-quarter results that came in well short of expectations. The results were a rare miss for a company that has been an outperformer this year, and this could offer a buying opportunity for investors willing to look past the latest quarter's results.

After markets closed Tuesday, Disney reported quarterly earnings of $1.35 per share on revenue of $20.25 billion, missing analyst expectations for $1.75 per share in earnings on sales of $21.47 billion. The miss was driven by lower attendance at domestic theme parks, which came as a surprise considering that Disney opened its much-anticipated Star Wars: Galaxy's Edge exhibit in Anaheim in May.

Disney's new Star Wars-themed attraction was not enough to boost park attendance in the recently completed quarter. Image source: Walt Disney.

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