https://news.alphastreet.com/disney-posts-upbeat-q1-results/
Walt Disney reported a 23% jump in earnings for the second quarter, helped by double-digit revenue growth in parks and resorts, as well as studio entertainment. With revenue increasing 9% to $14.55 billion during the quarter, the company’s earnings climbed 23% to $2.94 billion or $1.95 per share.
Revenue benefited from an increase in the number of visitors to its domestic and international parks and resorts, a shift in the timing of the Easter holiday, attendance growth at Walt Disney World Resort and at Disneyland Paris.
Segment operating income at Media Networks declined 6% due to a loss at BAMTech and decreases at Freeform and ESPN. A decrease in average viewership dragged Freeform advertising revenue during the second quarter.
Meanwhile, a shift in the timing of College Football Playoff (CFP) bowl games and contractual rate increases for college sports and NBA programming lifted ESPN’s programming costs. At ESPN, higher advertising revenue was due to an increase in rates, partially offset by lower impressions and a decrease in average viewership.
Walt Disney reported a 23% jump in earnings for the second quarter, helped by double-digit revenue growth in parks and resorts, as well as studio entertainment. With revenue increasing 9% to $14.55 billion during the quarter, the company’s earnings climbed 23% to $2.94 billion or $1.95 per share.
Revenue benefited from an increase in the number of visitors to its domestic and international parks and resorts, a shift in the timing of the Easter holiday, attendance growth at Walt Disney World Resort and at Disneyland Paris.
Segment operating income at Media Networks declined 6% due to a loss at BAMTech and decreases at Freeform and ESPN. A decrease in average viewership dragged Freeform advertising revenue during the second quarter.
Meanwhile, a shift in the timing of College Football Playoff (CFP) bowl games and contractual rate increases for college sports and NBA programming lifted ESPN’s programming costs. At ESPN, higher advertising revenue was due to an increase in rates, partially offset by lower impressions and a decrease in average viewership.