Disney wished upon an earnings star

Walt Disney Co's (DIS) quarterly results were disastrous but not nearly as disastrous as Wall Street expected. Maybe Snow White's fairy godmother lent a hand.

Net income plunged 46 percent to $613 million, or 33 cents a share, compared with $1.13 billion, or 58 cents, a year earlier. Revenue at the Burbank, Calif-based entertainment company fell seven percent to $8.09 billion. Free cash flow plunged 40 percent to $1.35 billion.