Walt Disney Company said its first fiscal quarter net profit fell 32 percent .

Shares of Disney plunged 6.9 percent to $19.20 but decreased as much as 10 percent during the session following the company's report.

Disney profit was $845 million or 45 cents per share, from $1.25 billion or 63 cents per share in the same period last year, the company said in a statement Tuesday afternoon.

Disney earned 41 cents a share, excluding a gain on the sale of two Latin American pay-TV services, it said. Forecasts estimated Disney to report a profit of 52 cents a share on revenue of $10.1 billion, according to FactSet Research.

Analysts attributed the decline on lower DVD sales and also as advertising sales on its broadcast and cable television networks failed to meet expectations.

Revenue dropped 8 percent to $9.6 billion.