*By Chloe Aiello*
Shares of Walt Disney jumped in after-hours trading after the entertainment giant reported record earnings and revenue for its latest fiscal year.
For the quarter ending Sept. 29, Disney ($DIS) reported earnings per share of $1.48 on revenue of $14.31 billion, beating the $1.34 earnings per share on $13.73 billion in revenue analysts were expecting.
Revenue from its Parks and Resorts division rose 9 percent from a year ago to $5.1 billion. Its studio entertainment revenue grew 50 percent to $2.15 billion, helped by strong showings from films like "Incredibles 2," "Ant-Man and the Wasp."
Revenue from its all-important media networks rose 9 percent to nearly $6 billion beating Street expectations, though growth at cable networks like ESPN was up just 5 percent.
The results come as Disney tests the waters for over-the-top offerings to combat cord-cutters turning away from cable. The company launched its ESPN+ streaming option in April and, on its conference call, said the service now has over a million users. It also plans to launch its broader Disney+ service in the U.S. late next year.
Disney hopes its recent purchase of 21st Century Fox ($FOXA) will help supplement its offerings, both for its traditional and OTT offerings. The $71 billion deal got approval from EU regulators this week, as long as Disney sells some of its European TV assets.
“We remain focused on the successful completion and integration of our 21st Century Fox acquisition and the further development of our direct-to-consumer business, including the highly anticipated launch of our Disney-branded streaming service late next year," Disney Chairman and CEO Bob Iger said in a statement.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
International Master Alice Lee defeated grandmaster Irina Krush to win the American Cup – becoming one of the best women players in the world in the process – but she’s not stopping there.
You can track your sleep habits or heart rate, but how about your brain? Neurable's MW75-Neuro headphones turn your focus and productivity into data you can use to avoid burnout – here's how they do it.
