The Walt Disney Company has reported net income of $1.5 billion, or $0.80 per share, on revenues of $10.8 billion for its first fiscal quarter ended Dec. 31, 2011, compared to net income of $1.3 billion, or $0.68 per share, on revenues of $10.8 billion last year.

While net income was up, revenue was short of expectations and Disney shares fell slightly in after hours trading to $40.53 from a day high of $41.15.

Parks and resorts, the segment that includes Disney Cruise Line, saw revenues grow by 10 percent, compared to 3 percent for Media Networks and Consumer Products, and a decline of 16 percent for Studio Entertainment and 20 percent for Interactive Media.

Parks and Resort revenues for the quarter were $3.2 billion and operating income was $553 million, according to Disney, compared to revenues of $2.9 billion and operating income of $468 million last year.

Disney stated that the results were driven by increases at its domestic parks and cruise line.

Higher operating income at domestic parks and resorts was driven by increased guest spending and attendance, reflecting higher average ticket prices and food and beverage spending.

Higher operating income at Disney Cruise Line was due to a full period of operations of the Disney Dream which launched at the end of January 2011.