Walt Disney Co. shares were down more than 2% in after-hours trading Aug. 7 after the company missed expectations for its fiscal third quarter earnings per share on an adjusted basis.

Net income attributable to the media and entertainment company climbed 23.2% year over year to $2.92 billion, or $1.95 per share, from $2.37 billion, or $1.51 per share, in the year-earlier quarter. However, after excluding the impact of U.S. tax law reforms and certain other items, the company said EPS for the quarter ended June 30 came to $1.87, below the S&P Global Market Intelligence consensus normalized EPS estimate of $1.95.

Revenue for the quarter was $15.23 billion, up 7.0% year over year from $14.24 billion. That compared to consensus revenue expectations of $15.34 billion for Disney's fiscal third quarter, according to S&P Global Market Intelligence.

The company's largest segment, media networks, reported a year-over-year revenue gain of 5% to $6.16 billion.