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MUMBAI: Walt Disney Co. (Disney) reported solid results against badysts' estimates in the second quarter. The media giant's revenues reached $ 14.92 billion, an increase of 3% over the previous year. At the same time, earnings per share (EPS) declined to $ 1.61 from 13% previously, which affected comparability.
Wall Street's conscious estimate was $ 14.36 billion in revenue and $ 1.58 for Disney's second quarter. A few hours after the release of the second quarter results, Disney shares rose by more than 2%.
The high-value contract concluded with 21st Century Fox being closed in March, this report on the results does not fully reflect the integrated society. However, the company recorded revenue of $ 373 million and a $ 25 million operating profit after 21 weeks of ownership of 21st Century Fox, which became part of Disney on March 20th.
The company 's revenues distributed directly to consumers and internationally reached the past quarter. $ 955 million, up 15% year-over-year. However, the segment's operating loss increased from $ 188 million to $ 393 million due to its continued investment in ESPN + as well as the cost badociated with the upcoming launch of Disney +.
Media Networks revenues for the quarter were comparable to those of the previous year, with a value of $ 5.5. Segment and sector operating income decreased 3% to $ 2.2 billion. The company's cable network revenue grew 2% to $ 3.7 billion and operating profit 2% to $ 1.8 billion, driven by higher revenues from affiliates, ESPN. While its broadcasting revenues for the quarter decreased by 2% to $ 1.8 billion and its operating income decreased by 29% to $ 247 million, the decline in advertising revenues is one of main reasons.
Operating income decreased by 39% to $ 534 million. "The decline in theatrical distribution results is due to the success of Black Panther and the continued performance of Star Wars: The last Jedi in the quarter of the previous year compared to Captain Marvel and the absence of comparable title in Star Wars during the current quarter, "said Disney
Disney is confident about his war direct against the consumer with giants of technology, particularly as part of the integration with 21st Century Fox. "We are very pleased with our second quarter results and delighted with Avengers: Endgame's record-breaking success, which is now the second most profitable movie of all time and will be broadcast exclusively on Disney + from December 11th. Commented Bob Iger, CEO and President of Disney.
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