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| Walt Disney surpasses earnings estimates with help from Moana 2 | Walt Disney surpasses earnings estimates with help from Moana 2 |
| (33 minutes later) | |
| Company saw ‘strong start to the fiscal year’ according to its CEO, partly due to higher profits from streaming business | Company saw ‘strong start to the fiscal year’ according to its CEO, partly due to higher profits from streaming business |
| Walt Disney sharply outperformed Wall Street’s quarterly earnings estimates on Wednesday, with results buoyed by the strong holiday box office performance of the animated sequel Moana 2 and higher profits at the company’s streaming business. | |
| The strength in entertainment helped offset a decline at Disney’s domestic theme parks, which were impacted by hurricanes Helene and Milton in Florida. The parks-led Experiences group also incurred about $75m in expenses associated with the December launch of the Disney Treasure cruise ship. | The strength in entertainment helped offset a decline at Disney’s domestic theme parks, which were impacted by hurricanes Helene and Milton in Florida. The parks-led Experiences group also incurred about $75m in expenses associated with the December launch of the Disney Treasure cruise ship. |
| Revenue for the quarter rose 5% to $24.69bn, slightly ahead of analysts’ projections of $24.62bn. Operating income rose 31% from a year earlier to $5.1bn. | Revenue for the quarter rose 5% to $24.69bn, slightly ahead of analysts’ projections of $24.62bn. Operating income rose 31% from a year earlier to $5.1bn. |
| “Overall, this quarter proved to be a strong start to the fiscal year, and we remain confident in our strategy for continued growth,” said the Disney CEO, Bob Iger, in a statement. | |
| The company said it would incur $50m in costs associated with exiting its Venu Sports joint venture with Warner Bros Discovery and Fox. The media companies abandoned their plans for a sports streaming service in January, after it ran into substantial legal opposition. | The company said it would incur $50m in costs associated with exiting its Venu Sports joint venture with Warner Bros Discovery and Fox. The media companies abandoned their plans for a sports streaming service in January, after it ran into substantial legal opposition. |
| Operating income at Disney’s Entertainment unit, which includes film, television and streaming, increased to $1.7bn in the quarter, nearly double the results from a year earlier, thanks in part to the strong performance of Moana 2. | Operating income at Disney’s Entertainment unit, which includes film, television and streaming, increased to $1.7bn in the quarter, nearly double the results from a year earlier, thanks in part to the strong performance of Moana 2. |
| The animated sequel topped $1bn in box office proceeds over the Martin Luther King Jr Day weekend in January, becoming the fourth Walt Disney Animation film to reach that financial milestone. | The animated sequel topped $1bn in box office proceeds over the Martin Luther King Jr Day weekend in January, becoming the fourth Walt Disney Animation film to reach that financial milestone. |
| Disney’s traditional television business continued to erode. Operating income at so-called linear networks fell 11% to $1.1bn. | Disney’s traditional television business continued to erode. Operating income at so-called linear networks fell 11% to $1.1bn. |
| Subscribers for the company’s flagship streaming video service, Disney+, slipped 1% from the prior quarter to 124.6 million. The company had warned of a modest drop in subscribers because of a price increase that took effect in October. It also forecast a modest decline in Disney+ subscribers in the second quarter, compared to the first. | Subscribers for the company’s flagship streaming video service, Disney+, slipped 1% from the prior quarter to 124.6 million. The company had warned of a modest drop in subscribers because of a price increase that took effect in October. It also forecast a modest decline in Disney+ subscribers in the second quarter, compared to the first. |
| Disney+, Hulu and ESPN+ produced an operating profit of $293m in the quarter, marking the third straight quarter of profitability and a turnaround from the year-ago loss of $138m. | Disney+, Hulu and ESPN+ produced an operating profit of $293m in the quarter, marking the third straight quarter of profitability and a turnaround from the year-ago loss of $138m. |
| In the Experiences segment, which includes consumer products and the cruise line, as well as parks, operating income was roughly flat at $3.1bn. Profit declined 5% at domestic parks because the hurricanes and cruise ship costs, while operating income at international parks rose 28% from a year ago. | In the Experiences segment, which includes consumer products and the cruise line, as well as parks, operating income was roughly flat at $3.1bn. Profit declined 5% at domestic parks because the hurricanes and cruise ship costs, while operating income at international parks rose 28% from a year ago. |
| At the Sports unit, which includes the ESPN network and Star India business, operating income was $247m, compared with a year-ago loss, in part reflecting improvement in Star India’s operating results ahead of Disney and Reliance Industries completing a deal to combine their Indian media assets. | At the Sports unit, which includes the ESPN network and Star India business, operating income was $247m, compared with a year-ago loss, in part reflecting improvement in Star India’s operating results ahead of Disney and Reliance Industries completing a deal to combine their Indian media assets. |
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