Walt Disney’s earnings rose 12%

Walt DisneyWalt Disney has said that its earnings have risen 12 per cent during the company's fiscal fourth quarter, which is higher than market expectation.

The company's earning was boosted by new video game "Disney Infinity" and improved movie studio results. The worse-than-expected performance from Disney's stalwart pay TV unit resulted in a fall in the stock value for the firm during the quarter. Disney's pay TV division has recorded steady income allowing the company to maintain growth.

The net income of the company during the three months till September was recorded at $1.39 billion, or 77 cents per share, compared to $1.24 billion, or 68 cents per share during the same period of the previous year. Total revenues of the firm rose 7 per cent to $11.57 billion. Market analysts were expecting earnings of 76 cents per share on revenue of $11.4 billion.

Walt Disney has said that it is extending Robert Iger's tenure as chief executive officer until June 2016. Mr. Iger will continue to work as both the chairman and CEO until 2016. Under earlier plans, he was to leave the title of CEO on April 1, 2015 but the company extended the tenure citing the need for continuity and his record of success at the world's largest entertainment company.