Streaming Gains Push Disney Over Wall Street Earnings Bar, But Quarterly Report Notes $1B In Content And Restructuring Charges
deadline.comDisney opened a new corporate era with a mixed-to-positive batch of quarterly results, reporting better-than-expected revenue and earnings but also more than $1 billion in charges.
Reporting numbers for the first time in the three newly defined divisions of Sports, Entertainment and Experiences, the media giant said total revenue in its fiscal fourth quarter perked up 5% from a year ago to $21.2 billion.
Earnings per share of 82 cents more than doubled from the prior-year mark of 30 cents. The earnings figure handily beat Wall Street analysts’ forecasts, though the revenue line fell a bit short.
Streaming paced the quarter, with Disney+ having its best performance in some time. The flagship streaming service added 7 million core subscribers during the quarter to reach 112.6 million, with the company crediting the debut of theatrical titles Elemental and Little Mermaid, as well as series Ahsoka and Moving.
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