*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.
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
