Disney (DIS) shares fall after quarterly results
The actions of the Walt Disney Co (NYSE:DIS) traded lower on Tuesday after reporting second quarter results.
The company reported revenue growth of 1% year over year to $22.08 billion, missing the consensus of $22.11 billion. Adjusted EPS of $1.21 beat the consensus of $1.09.
Disney episodes
Entertainment revenue was down 5% year over year to $9.8 billion. Sports revenue grew 2% year over year to $4.3 billion. Experience revenue rose 10% year over year to $8.4 billion.
On its conference call, the company said park growth is slowing from post-COVID highs.
In the entertainment segment, linear network revenue decreased 8% year-over-year to $2.8 billion, direct-to-consumer revenue increased 13% year-over-year to $5.6 billion, and content/licensing sales and other income down 40% year. – over a year to $1.4 billion.
Consolidated operating profit grew 17% year over year to $3.8 billion as the company’s entertainment streaming apps Disney+ and Hulu posted quarterly profit for the first time, according to a statement. know CNBC. Combined with ESPN+, streaming platforms lost $18 million, compared to a loss of $659 million year over year.
Entertainment streaming revenue (excluding ESPN+) increased 13% year over year to $5.64 billion, and operating profit was $47 million after a loss of $587 million year over year thanks to of Disney+ subscriptions and higher average revenue per user for profits.
Disney+ premium subscribers increased to 117.6 million global customers from 111.3 million last year. Hulu’s total subscribers increased to 50.2 million from 49.7 million a year earlier. ESPN+ subscribers decreased to 24.8 million from 25.2 million in the December 2023 quarter.
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On its conference call, the company said that the crackdown on Disney + password sharing will begin next month.
CEO Robert A. Iger said: “Our decisions were largely driven by our Experiences division and our streaming business. Importantly, streaming entertainment was profitable in the quarter and we continue to make progress on schedule to achieve profitability in our combined streaming businesses in the fourth quarter. a quarter.”
US Parks and Experiences revenue rose 7% year over year to $5.96 billion. International sales rose 29% year over year to $1.52 billion, driven by higher occupancy and prices at the Hong Kong Disneyland Resort.
Disney’s television business had declined as millions of Americans had switched to cable television culture. ESPN’s revenue increased 3% year over year to $4.21 billion. However, operating income fell 9% year over year to $799 million.
Serial network revenue across Disney’s entire portfolio, excluding ESPN, fell 8% year over year to $2.77 billion. Operating income fell 22% year over year to $752 million.
Content sales, licensing and other revenue fell 40% year over year to $1.39 billion due to the lack of blockbusters.
Estimated Employment
Disney expects fiscal 2024 adjusted EPS growth of 25%.
It remains on track to generate about $14 billion of operating cash flow and more than $8 billion of free cash flow this fiscal year.
Disney stock move
At last check on Tuesday, DIS shares were down 7.61% to $107.61 in premarket trading.
Walt disney. Photo via Shutterstock
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2024-05-08 07:37:30
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