Disney Q4 bolstered by strong results from streaming, 'Inside Out 2' and 'Deadpool & Wolverine'
Disney’s fourth-quarter adjusted profit beat Wall Street’s expectations, bolstered by strong results from its streaming service and box office success with “Inside Out 2” and “Deadpool & Wolverine.”
Disney's fourth-quarter adjusted profit beat Wall Street's expectations, bolstered by strong results from its streaming service and box office success with “Inside Out 2” and “Deadpool & Wolverine.”
Disney earned $460 million, or 25 cents per share, for the period ended Sept. 28. A year earlier the Burbank, California-based company earned $264 million, or 14 cents per share.
Removing certain items, earnings were $1.14 per share. This topped the $1.09 per share that analysts surveyed by Zacks Investment Research were looking for.
Shares jumped more than 9% before the market open on Thursday.
Revenue climbed 6% to $22.57 billion, but fell a bit short of Wall Street's estimate of $22.59 billion.
Operating income for the entertainment segment, which includes its movie studio and parts of its television wing, more than quadrupled to $1.07 billion.
This was helped in part by a strong performance from its content/sales, licensing and other segment, which benefited from $316 million in operating income from “Inside Out 2” and “Deadpool & Wolverine.”
The Walt Disney Co. said Thursday that its direct-to-consumer business, which includes Disney+ and Hulu, reported quarterly operating income of $253 million compared with an operating loss of $420 million a year earlier. Revenue rose 15% to $5.78 billion.
The combined streaming businesses, which includes Disney+, Hulu and ESPN+, achieved profitability for the first time in the third quarter.
Disney+ saw a 2% increase in paid subscribers domestically, which includes the U.S. and
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