The Walt Disney Co. reported stronger-than-anticipated fourth-quarter earnings Thursday, with overall revenue coming in at $19.1 billion, a 34% jump from the same quarter last year.
The financial report came just days ahead of Tuesday’s scheduled introduction of the company’s Disney+ streaming service.
“Our solid results in the fourth quarter reflect the ongoing strength of our brands and businesses,” Disney CEO/Chairman Robert Iger said in a statement. “We’ve spent the last few years completely transforming The Walt Disney Co. to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and we’re excited for the launch of Disney+ on Nov. 12.”
The company reported adjusted earnings per share of $1.07, which was down 28% from the same quarter last year but still ahead of analysts’ projections. Net income for the quarter was $785 million. The company noted that the quarterly and year-to-date earnings reported Thursday reflected Disney’s March acquisition of 21st Century Fox Inc., now known as TFCF Corp., and the accompanying controlling interest of Hulu.
In a conference call, Iger declined to say how many subscribers have lined up for the Disney+ service, which will cost $6.99 a month and be home to sought-after franchises such as “Star Wars” and Marvel films. He said the company has finalized deals for Disney+ to be carried on Amazon’s Fire TV and on Samsung and LG smart TVs.
Disney reported fourth-quarter revenues of $6.5 billion for its media networks, $6.7 billion for its theme parks/resorts and $3.3 billion for its studio entertainment segment.
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