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Saturday, Dec 2, 2023

Disney’s Quarter Beats Expectations

Walt Disney Co. beat analyst forecasts on revenue and earnings per share for its fiscal first quarter, the company reported Wednesday.

The Burbank media and entertainment giant reported net income of $1.8 billion ($1.03 a share) for the quarter ending Dec. 28 compared with $1.4 billion (77 cents) in the same period a year earlier. Revenue rose 9 percent to $12.3 billion.

Analysts estimated earnings of 92 cents on revenue of $12.2 billion, according to Thomson Financial Network.

All five business divisions – media networks, parks & resorts, studio entertainment, consumer products and interactive – showed an increase in revenue and operating income.

Studio entertainment revenue was up 23 percent to $1.9 billion due partially to the box office strength of the two feature film releases in the quarter, the animated “Frozen” and live action “Thor: The Dark World.”

Interactive revenue increased 38 percent to $403 million, with continued sales of console game “Infinity” contributing to those results.

The earnings release follows by two days reports that Disney would be cutting up to 200 positions in the Interactive division.

Disney shares closed up 71 cents, or 1 percent, to $71.76 on the New York Stock Exchange.

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