The Walt Disney Company reported quarterly earnings that missed analysts’ expectations.

  • Disney revenue up 6 percent to $55.6 million
  • Record-box office returns and growth at Walt Disney World
  • Cable networks, ESPN, experienced loss 

The company earned $1.10 per share in the fourth quarter, a 16 percent increase from the previous year. However, earnings were below the analysts’ expectations of $1.16 per share.

For the year, overall revenue was up 6 percent to a record $55.6 billion. Disney has a successful opening of its newest park Shanghai Disney and a record-breaking box office of $7.5 billion thanks in part to the success of “Star Wars: The Force Awakens.”

“We’re very pleased with our performance for the year, delivering the highest revenue, net income and earnings per share in Disney’s history,” said Robert A. Iger, Chairman and Chief Executive Officer of the Walt Disney Company.

Revenue in from the company’s theme parks rose 1 percent to $4.4 billion during the fourth quarter, despite attendance declines at Disneyland Paris, Disneyland Hong Kong and Disneyland in California. However, four million people visited the new Shanghai Disneyland park in the first four months of operation, according to the earnings report.

Walt Disney World experienced growth mostly because of higher guest spending, driven by higher average ticket prices, room rated and increased food and beverage spending.

Disney expects new park additions pay off, with Guardians of the Galaxy—Mission: BREAKOUT! set to open at Disney California Adventure next summer and The World of AVATAR also scheduled to open next year.

Disney’s movie business generated revenue of $1.8 billion in the quarter, up 2 percent. The boost was helped by strong box office performances from “Finding Dory” and “Captain America: Civil War.”

Disney did experience loss, mostly within its cable networks.

Operating income at the company’s cable networks fell $207 million to $1.4 billion in the quarter. Disney cited decreases at ESPN as one of the reasons. “The decrease at ESPN reflected lower advertising and affiliate revenue and higher programming and production costs,” Disney said in its earnings report. ESPN has experienced modest subscriber losses each year due to cord-cutting.

After the earnings report was released Thursday, Disney shares fell nearly 3 percent before rebounding.