The Walt Disney Company reported fourth-quarter earnings and revenue that easily topped analysts’ expectations on Thursday.
Here’s how the company did compared with what Wall Street expected:
- Earnings: $1.48 per share vs. $1.34 per share forecast by Refinitiv
Revenue: $14.31 billion vs. $13.73 billion forecast by Refinitiv
In the year-ago quarter, Disney reported adjusted earnings of $1.07 per share on revenue of $12.78 billion.
Shares of Disney rose 2 percent in after-hours trade.
Disney saw strength in its studio business, which saw its fourth-quarter revenue grow 50 percent year over year.
Here’s what each business unit reported in revenue compared with what analysts expected, according to StreetAccount consensus estimates:
- Media and networks: $5.96 billion vs. $5.70 billion forecast by StreetAccount
- Parks and resorts: $5.07 billion vs. $5.08 billion forecast by StreetAccount
- Studio: $2.15 billion vs. $1.78 billion forecast by StreetAccount
- Consumer and interactive: $1.12 billion vs. $1.16 billion forecast by StreetAccount
For the full year, Disney reported adjusted earnings of $7.08 per share on $59.43 billion in revenue. The Street had projected earnings of $6.94 per share on $58.87 billion in revenue, according to a Refinitiv consensus estimates.
Disney’s earnings come as investors continue to seek more information on the company’s long-term vision for its various streaming investments as well as how it plans to integrate assets recently acquired from Twenty-First Century Fox.
Longtime CEO Bob Iger has said that the purpose of the Fox deal is to expand the entertainment giant’s content library as Disney prepares to launch its own streaming service in 2019. Through its acquisition of Fox assets, Disney has also doubled its stake in the streaming service Hulu.
In an interview with CNBC’s Julia Boorstin, Iger said that Disney is “investing substantially in original content.” While he said it was “premature” to say whether Disney would pursue acquiring the 40 percent of Hulu it does not own, Iger said Disney would certainly be interested if Comcast or Warner Media wanted to divest their stakes.
Disney has been experimenting with over-the-top video offerings, as it works to adjust to changing consumer behavior. In April, Disney launched ESPN+ and surprised analysts by notching more than 1 million paid subscribers in just five months.
Disney shares have gained 7 percent so far this year, hitting a 52-week intraday high of $119.69 on Oct. 22.
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Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Comcast is also a co-owner of Hulu.