The Walt Disney Co. may have had an increase in revenue and adjusted net income in its fiscal first quarter, but it didn’t translate into a higher stock price.

The Burbank entertainment and media giant saw its share price go down by 2.4% from a close of $113.30 on Feb. 4 to a close of $110.54 on Feb. 5, the day it reported its financial results before the market opened.

The 23.3 million shares that traded on Feb. 5 made for the fifth highest trading volume in the past 52-week period.

The stock had fallen to $109.59 by Feb. 13.

Disney reported adjusted net income of $3.3 billion ($1.76 a share) for the quarter ending Dec. 28, compared with adjusted net income of $2.5 billion ($1.22) in the same period of the previous year. Revenue increased by 5% from the first quarter of the prior year to $24.7 billion.

Bob Iger, chief executive of Disney, called the first quarter results “a strong start” to the fiscal year.

“Our results this quarter demonstrate Disney’s creative and financial strength as we advanced the strategic initiatives set in motion over the past two years,” Iger said in a statement.

For example, during the first quarter, Disney saw outstanding box office performance from its studios, which had the top three movies of last year, Iger said.

Its films “Inside Out 2,” “Deadpool & Wolverine” and “Moana 2” all brought in more than $1 billion each.

“We further improved the profitability of our entertainment (direct to consumer) streaming businesses; we took an important step to advance ESPN’s digital strategy by adding an ESPN tile on Disney+; and our Experiences segment demonstrated its enduring appeal as we continue investing strategically across the globe,” Iger said.

In the direct-to-consumer business, revenue increased by 9% over last year’s first quarter to $6.1 billon while operating income increased to $293 million.

Disney attributed the increase in operating income, to, among other things, higher technology and distribution costs and an increase in programming and production costs.

Other company news

Other news about Disney did not result in big spikes or dips in its share price.

For instance, the announcement before the market opened on Jan. 6 that Disney would merge its Hulu + Live TV service with Fubu had the stock price going down by only a fraction of a percent. It closed at $111.05 on Jan. 6.

The same rang true after Axios reporting on Disney’s diversity, equity and inclusion, or DEI, plans going forward.

The news website reported on Feb. 11 about a memo it had seen from Disney’s head of human resources, Sonia Coleman, that outlined changes to its DEI policies.

For example, beginning this fiscal year, “Disney will replace the ‘Diversity & Inclusion’ performance factor that it used to evaluate executive compensation with a new ‘Talent Strategy,’” Axios reported. “The new ‘Talent Strategy’ factor includes concepts from its old ‘Diversity & Inclusion’ factor but is more focused on how values drive business success.”

The company also is doing away with its Reimagine Tomorrow initiative, and the corresponding website, which was used to highlight stories and talent from underrepresented communities, Axios said.

“The (Disney) site, which came under fire from conservatives, was replaced externally in December by an updated hub on Disney’s corporate website, and also on Disney’s internal website,” Axios reported.

The news did not move the stock price much, just a fraction of a percent on Feb. 12.