Shares of Disney stock were up today after the media giant provided a rosy report on its quarterly results, Yahoo Finance reports.
“Earnings per share came in at $1.48 on an adjusted basis on revenue of $14.31 billion, soaring past estimates of earnings of $1.34 per share on revenue of $13.74 billion, according to Bloomberg data. Adjusted EPS beat the highest analyst estimates of $1.45,” Yahoo reports, adding: “Disney shares rose 3.18% to $119.69 each as of 4:20 p.m. ET following the results.”
In a statement, Disney Chairman and CEO Robert Iger said: “We’re very pleased with our financial performance in fiscal 2018, delivering record revenue, net income and earnings per share. 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.”
The earnings call included the news that Disney’s planned dedicated streaming service, due to launch in late 2019, will be called Disney+ and will include exclusive content such as a new Marvel series and a “Star Wars Rogue One” prequel series starring Diego Luna.
The Disney+ service will compete not only with Netflix and Amazon Prime Video, but also with a new digital video service from AT&T, which is due by the end of next year.
“Disney’s Media Networks unit, which includes cable and broadcast, saw quarterly revenues climb to $5.96 billion, beating expectations of $5.69 billion,” Yahoo reports. “This segment — the largest division for the entertainment conglomerate — had also jumped in the previous quarter.”