Business : Disney Earnings Skyrocket 48%
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Walt Disney Co. today said earnings in its first fiscal quarter rose 48% from the year-earlier period to a record $148.3 million, boosted by higher profits from its theme parks and resorts.
The figures surprised Wall Street analysts, prompting some to revise their estimates for what the entertainment company would earn in the full fiscal year. Disney shares on the New York Stock Exchange rose 50 cents to $72. “They basically knocked the cover off the ball at the theme parks,” said Drexel Burnham Lambert Inc. analyst Andrew Wallach.
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