Disney Shares Jump After Record Profit

*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.

More In Business

3M Reaches $10.3 Billion Settlement

3M Co. reached a $10.3 billion agreement to settle lawsuits that claimed toxic chemicals had contaminated drinking water across the country.

Overstock.com Wins Bid for Bed Bath & Beyond Assets

Overstock.com has won the bid to buy Bed Bath & Beyond IP and digital assets.

Existing U.S. Home Sales Down 0.2% In May vs. April

Sales of existing homes rose just 0.2% in May from April and down over 20% from a year ago.

Fed Chair Jerome Powell Predicts Further Rate Hikes

In his second day of testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell reiterated that the board is considering more interest rate hikes.

United Airlines to Send Vouchers to Phones

United Airlines will now be able to send a meal or hotel voucher to customers' phones, if needed, during emergency situations.

U.S. Safety Agency to Require Automatic Emergency Braking on Heavy Trucks and Buses

The government will require heavy trucks and buses to include automatic emergency braking equipment within five years, the federal traffic safety agency said Thursday, estimating it will prevent nearly 20,000 crashes save at least 155 lives a year.

FDA Warns Stores to Stop Selling Elf Bar, the Top Disposable E-Cigarette in the U.S.

The Food and Drug Administration on Thursday said it has sent warning letters to dozens of retailers selling fruit- and candy-flavored disposable e-cigarettes, including the current best-selling brand, Elf Bar.

Stretching Your Dollar: Financial Etiquette & Tackling Awkward Money Moments

Whether your credit card has declined or if you had difficulty splitting a bill at an outing, those awkward financial moments can get the best of us. Bobbi Robell, founder of Financial Wellness Strategies and author of "Launching Financial Grownups," joined Cheddar News to provide tips on how to handle those tense situations.

Overstock.com to Buy Bed Bath & Beyond's IP Assets

Overstock.com agreed to buy Bed Bath & Beyond's brand and digital assets.

Fed's Powell: More Rate Hikes Are Likely This Year to Fight Still-High Inflation

With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday.

Load More