Disney Q1 results bolstered by theme park growth

LOS ANGELES (AP) — The Walt Disney Co.’s latest quarterly results. beat Wall Street forecasts as the entertainment giant’s robust theme park growth helped offset weak performance in the video streaming and movie business.

On Wednesday, Disney said it made $1.28 million, or 70 cents a share, in the three months to December 31st. That compares to a net income of $1.1 billion, or 60 cents per share, a year earlier.

Excluding one-time items, Disney earned 99 cents per share. Analysts on average were expecting adjusted earnings of 78 cents per share, according to FactSet.

Revenue rose 8% to $23.51 billion from $21.82 billion a year earlier. Analysts had expected revenue of $23.44 billion.

The latest results were the first quarterly snapshot since Bob Iger returned as CEO in November after a two-year, difficult tenure as his chosen successor, Bob Chapek.

In a statement, Iger said the company is embarking on a “significant transformation” that management believes will improve the profitability of the company’s streaming business.

The company said Disney+ ended the quarter with 161.8 million subscribers, down 1% since October 1. Hulu and ESPN+ recorded a 2% increase in paid subscribers for the quarter.

Shares of Disney, based in Burbank, California, rose 3% after hours.

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