* Q2 EPS excluding items 43 cents vs Street view 40 cents

* Disney beats profit expectations, revenue misses

* Shares rise 4 percent in after-hours trade (Adds analysts' comments, details on earnings; updates stock price)

LOS ANGELES, May 5 (Reuters) - Walt Disney Co (DIS.N: Quote, Profile, Research) posted sharply lower quarterly earnings, but beat Wall Street forecasts on strong showings at its ESPN sports network and Disney Channel and lower-than-expected charges, boosting its shares 4 percent.

The media networks arm of the No. 1 U.S. entertainment conglomerate bucked expectations for the quarter with a 2 percent rise in revenue and a tiny 4 percent decrease in operating profit, despite a global advertising downturn.

Higher affiliate revenue at ESPN and the kid-friendly Disney Channel helped offset the weak ad trend, the company said.

But analysts warned of a still poorly performing theme parks division ravaged by a global slump in travel. Others said the ad market -- crucial for Disney, whose media arm accounts for nearly half its turnover -- remained in turmoil amid the recession.

"They beat on low expectations. I think that is what we are seeing in media and consumer discretionary companies," Edward Jones analyst Robin Diedrich said.

"Overall, the numbers are not good in advertising and the parks, and that's where we thought the weakness would be."