The Walt Disney Company (NYSE:DIS) trounced analysts’ expectations in the fiscal second quarter thanks partly to the success of its blockbuster hit Black Panther as well as booming revenues from its theme parks.
On an adjusted basis, Disney clocked in with earnings of US$1.84 per share on revenue of $14.55bln, zipping past the US$1.70 per share expected by Wall Street as well as the market’s US$14.11bln revenue projection.
Revenue from Disney’s array of theme parks and resorts jumped 13% in the quarter to US$4.9bn as guests spent more and attendance climbed at the Walt Disney World Resort.
Revenue from Disney’s studio entertainment group, meanwhile, soared 21% to US$2.5bln thanks to the success of the superhero movie Black Panther. The release of Star Wars: The Last Jedi as well as Coco in DVD/Blue-ray also powered sales of Disney’s home entertainment group.
Its media and cable networks group, meanwhile, brought in sales of US$6.14bn compared with the US$6.09bn expected by Wall Street.
Disney is the talk of much market speculation as Comcast is said to be engaged in discussions with investment banks in a bid to derail Disney’s $52bln deal to acquire most of Twenty-First Century Fox’s assets. Comcast is reported to be considering an all-cash bid of as much as $60bn for 21st Century Fox’s suite of film and television businesses.
In pre-market trade, Disney shares fell slightly to US$101.50.
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