The Walt Disney Co. Tuesday reported year-over-year drops in first-quarter net income and earnings, but still managed to best financial projections.
Disney reported net income of $2.8 billion, a 37 percent drop from $4.4 billion in the first quarter of the previous year. Earnings per share were $1.84 for the quarter, down 3 percent from the previous year.
But the earnings per share and first-quarter revenue — $15.3 billion — both topped Wall Street estimates.
“After a solid first quarter … we look forward to the transformative year ahead, including the successful completion of our 21 Century Fox acquisition and the launch of our Disney+ streaming service,” Disney Chairman/CEO Robert Iger said. “Building a robust direct-to-consumer business is our top priority, and we continue to invest in exceptional content and innovative technology to drive our success in this space.”
Disney reported a 27 percent drop in revenue for its Studio Entertainment sector, noting that the top first-quarter releases of “Mary Poppins Returns” and “The Nutcracker and the Four Realms” paled in comparison to the releases in the first quarter of the previous year — “Star Wars: The Last Jedi” and “Thor: Ragnarok.”
The company saw revenue increases of 7 percent and 5 percent, respectively, for its media networks segment and parks, experiences and consumer products segment.