Walt Disney Co (NYSE: DIS ) investors got some bad news on Tuesday when the company reported fiscal third-quarter earnings and revenue numbers that fell short of Wall Street expectations. DIS stock initially dropped 2 percent as investors zeroed in on Disney's uncertain future.

Disney reported third-quarter adjusted earnings per share of $1.87 on revenue of $15.23 billion after the closing bell on Tuesday. Analysts has been expecting EPS of $1.95 and revenue of $15.34 billion. Revenue was up 7 percent from a year ago.

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By segment, Disney reported Parks and Resorts revenue of $5.19 billion, short of consensus expectations of $5.28 billion. Consumer Products & Interactive Media revenue was $1 billion versus analyst forecasts of $1.11 billion. Studio Entertainment revenue of $2.88 billion was Disney's highest-growth segment, up 20 percent from a year ago. However, even Studio Entertainment revenue fell just shy of consensus forecasts of $2.89 billion.

Media and Networks revenue of $6.16 billion was one of the few bright spots on the quarter, beating analyst expectations of $6.1 billion.

CEO Bob Iger says Disney's quarter was better than the top- and bottom-line numbers suggest.

"We're pleased with our results in the quarter, including a double-digit increase in earnings per share, and excited about the opportunities ahead for continued growth," Iger says in a statement.

Disney is planning on launching its own streaming video service in 2019 to compete with Netflix ( NFLX ), Amazon.com ( AMZN ) and other over-the-top streaming options. Disney outlasted Comcast Corp. ( CMCSA ) in a bidding war for Twenty-First Century Fox ( FOXA ) in the third quarter, but Disney still needs to gain global regulatory approval for the deal, which is expected to close by the end of the year.

CFRA analyst Tuna Amobi says the Fox deal is a game-changer for Disney investors.

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"We view this deal as transformative, since it is set to boost DIS's international exposure and its planned direct-to-consumer offerings," Amobi says.

"We also see potentially significant opportunities for DIS to monetize its robust content pipeline across its multiple platforms that reflect, in part, the success of its previous acquisitions (Pixar, Marvel and Lucasfilm)."

CFRA has a "strong buy" rating and $130 price target for DIS stock .

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