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Disney surpasses earnings expectations, projects strong profit outlook

Livemint · 9m

The Walt Disney Co. has reported better-than-expected earnings for its fiscal first quarter, with earnings per share of $1.22. The strong performance of its international theme parks and cost-cutting measures contributed to the positive results. However, revenue of $23.5 billion fell short of estimates due to struggles in Disney's TV business and underperforming theatrical releases. The company expects profits to rise at least 20% this year and has raised its dividend by 50% and approved a $3 billion stock repurchase program. Disney's streaming service subscribers fell short of projections but losses in streaming decreased. International parks experienced significant growth while the traditional media and film divisions continued to struggle. Disney is also acquiring a $1.5 billion stake in Epic Games Inc., the maker of the popular Fortnite game.