*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.
The bank said it regrets its involvement with Epstein over the years that he was a JPMorgan client. The settlement must still be approved by the judge in the case.
Billionaire investor turned philanthropist George Soros is ceding control of his $25 billion empire to a younger son, Alexander Soros, according to an exclusive interview with The Wall Street Journal published online Sunday.
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country's two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil.
Gene sequencing test maker Illumina Inc. said Sunday that its board has accepted the resignation of its CEO and director, Francis deSouza, effective immediately.
“Any consumer can tell you that online airline bookings are confusing enough," said William McGee, an aviation expert at the American Economic Liberties Project. "The last thing we need is to roll back an existing protection that provides effective transparency.”
Cheddar News checks in to see what to look out for Next Week on the Street as former president Donald Trump makes an appearance in federal court after being indicted. Investors will also keep an eye on the Federal Reserve meeting to see what comes out of that while earnings continue to pour in.
