2024-02-07 16:08:48 ET
Walt Disney Co (NYSE: DIS) is trading up in extended hours on Wednesday after reporting better-than-expected per-share earnings for its fiscal first quarter.
How did DTC perform in Q1?
Also a positive for the entertainment conglomerate was its DTC loss that narrowed further to $138 million in Q1 versus million expected.
This is a developing story. Numbers that are missing below will be updated as received!
Direct-to-consumer generated billion worth of sales in the recently concluded – also ahead of estimates. Bob Iger – the chief executive of Disney said in a press release today:
Disney+ lost 1.3 million subscribers in the first quarter due to price increases. Wall Street currently has a consensus “overweight” rating on .
Watch here: https://www.youtube.com/embed/ItZ8dev5GDY?feature=oembedDisney Q1 earnings snapshot
Earned million versus the year-ago million
Per-share earnings also climbed from to
Adjusted EPS printed at $1.22 as per the press release
Revenue jumped % year-over-year to $23.55 billion
Consensus was 99 cents a share on $23.64 billion in revenue
The earnings release arrives a day after ESPN said it was partnering with Warner Bros. Discovery and Fox to launch a joint sports streaming platform later this year. CEO Iger also said on Wednesday:
What else was noteworthy?
Other notable figures in the earnings report include billion in theme parks, experiences, and product sales.
Media and entertainment – the largest segment of Disney brought in billion while television networks and content sales and licensing were up % in the recently concluded quarter.
All three segments topped experts’ forecast and were ahead of Street estimates. Disney stock is now up well over 15% versus its year-to-date low.
Note that the Walt Disney Co is currently in a proxy fight with Nelson Peltz ( read more ) even after it raised its cost cutting target by a whopping $2.0 billion announced plans of investing some $60 billion in its theme parks segment.
Disney confirmed that it’s on course to “meet or exceed” its goal of trimming at least $7.5 billion in costs by the end of this financial year.
The New York listed firm raised its earnings guidance for fiscal 2024 today to $4.60 a share – up at least 20% on a year-over-year basis.
This is a developing story. Check back in a few minutes for more updates!
I predict that Elon Musk & Nelson Peltz are planning a takeover bid of Walt Disney.
— MERICA MEMED (@Mericamemed) February 7, 2024
Nelson Peltz has been actively buying up shares of Disney to get access to seats on the boards of Disney.
Combine that with this comment from Elon Musk at an event with his friend Nelson. pic.twitter.com/fGqvEcypzN
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