Shares of Walt Disney fell more than 4% in after-hours trading after the entertainment giant’s third-quarter earnings missed Wall Street’s estimates. Disney reported adjusted earnings of $1.35 per share on revenue of $20.25 billion, below the earnings per share of $1.75 on revenue of $21.47 billion analysts polled by Refinitiv had been expecting. The company blamed the miss on the ongoing integration of Fox’s entertainment assets, which it acquired in a $71 billion deal. On an earnings call, the company said Disney is now bundling its three streaming services: Disney+, ESPN+ and ad-supported Hulu, which will cost users $12.99 a month.
Hertz climbed 6.4% following therelease of the car rental company’s higher-than-expected second-quarter earnings. The company reported adjusted earnings per share of 74 cents on revenue of $2.51 billion. Analysts had expected earnings per share of 37 cents on revenue of $2.48 billion, according to Refinitiv. Kathryn Marinello, Hertz’s CEO, said the results came from “quality top-line growth, productivity improvements and effective fleet management.”
Shares of Match soared more than 18% after the owner of online dating applications beat Wall Street’s expectations with its second-quarter earnings, driven by Tinder. Match reported earnings per share of 43 cents on revenue of $498 million, topping the earnings per share of 40 cents on revenue of $489 million analysts had been estimating. Tinder reported 5.2 million average subscribers in the quarter, up from 1.5 million last year.
Microchip Technology rose 3.2% after the semiconductor company reported mixed earnings for its first quarter. The company reported adjusted earnings per share of $1.41 on revenue of $1.32 billion, versus the earnings per share of $1.37 on revenue of $1.33 billion analysts polled by Refinitiv had been expecting.
Shares of Weight Watchers surged 15% after the provider of weight management services beat Wall Street’s expectations for its second-quarter earnings and raised its 2019 earnings outlook. The company reported earnings per share of 78 cents on revenue of $369 million, versus the earnings per share of 64 cents on revenue of $376 million analysts surveyed by Refinitiv had been expecting. Weight Watchers also raised its full-year adjusted earnings forecast to a range of $1.55 to $1.70 per share versus the $1.52 per share analysts were expecting. The company had 4.6 million total members, topping the 4.5 million members in the year-ago quarter.