Walt Disney (DIS) rose about 2% after beating analysts’ earnings and revenue expectations in its fourth quarter report.
The media and entertainment company posted 58 cents of EPS, 4 cents better than analysts had been expecting. Revenue came in at $10.43 billion, against expectations for $10.36 billion.
Media Networks revenue jumped 9% and Parks and Resorts rose 11%, while Studio Entertainment revenue fell 8% in the quarter. Cable networks posted 12% higher revenue and 17% higher operating income, as ESPN posted higher advertising and affiliate revenue.
The company also addressed the potential cancellation of the upcoming NBA season: in some ways, Disney might be able to benefit from games being cancelled.
“We expect a good portion of NBA ad dollars will be re-expressed to other ESPN properties,” management said on the earnings call.
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