Disney shares rise as mixed earnings results, future plans, impress
Disney shares rise as mixed earnings results, future plans, impress
Disney Beats Earnings Expectations, Falls Short on Revenue
08 February, 2018, 00:25
There's a lot to look forward to for Disney moving forward as the company said it was launching a stand-alone streaming service in 2019, while also removing its movies from other streaming services. Reports from the previous year indicate significant losses to ESPN's subscription numbers, which is a huge blow despite the continuing strength of the demand for the network. Without that benefit, segment operating income was up 1% and earnings per share rose 22%. The service will integrate with a new ESPN app, and will offer access to live sports events that aren't broadcast on ESPN channels-10,000 global, national, and regional tennis, boxing, rugby, cricket, and college games per year. Wall Streetanalysts were anticipating $15.45 billion in revenue, according to Thomson Reuters. If, like me, you have no clue what that means, Iger elaborated a bit during an interview with CNBC.
Disney's direct-to-consumer sports streaming service, ESPN Plus, is due to launch in the United States this spring along with a revamped ESPN app, according to DisneyCEOBob Iger.
Hulu, of which Disney owns 30 percent, brought in revenue of $50 million in the quarter, less than half the year-earlier level of $119 million. Shares in Disney (DIS) closed Tuesday up $1.47, or more than 1 percent, to $106.17 on the New York Stock Exchange.
Revenue at Disney's biggest business, media networks, was flat at $6.2bn because of falling income from advertising and programme sales at its ABC network. "It's more likely than not that you won't see new co-finance deals but we will respect and honor the deals they have in place". "Users will also enjoy an increasingly personalised experience as the app blends explicit choices with implicit behaviour to curate a unique mix of specific, relevant content tailored to the taste of each individual user".
For its first fiscal quarter, which ended on December 30, Disney had net income of $4.42 billion, or $2.91 a share, compared with $2.48 billion, or $1.55 a share, a year earlier. However, ESPN's viewership grew 13% y-o-y in the evening time period across both TV and streaming in this quarter.
The app will provide "countless scores and highlights", as well as access to live streams of ESPN networks for people who subscribe to multichannel pay-TV packages. Disney is counting on Star Wars popularity for box office hits, including the stand-alone Han Solo film this spring, as well as existing and original content for the OTT streaming channel.
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