More All-Time Highs for Disney Stock Despite Parks Still Suffering
Disney reported its most recent quarterly results after the markets closed Thursday and shares saw a new all-time high in the after-hours session.
Walt Disney Co. (NYSE: DIS | DIS Price Prediction) released fiscal first-quarter financial results after markets closed Tuesday. The Mouse House said that it had $0.32 in earnings per share (EPS) and $16.25 billion in revenue, compared with consensus estimates that called for a net loss of $0.41 per share and $15.93 billion in revenue. The same period from last year had $1.53 in EPS and $20.86 billion in revenue.
Linear Networks revenues for the quarter increased 2% to $7.69 billion, and segment operating income decreased 4% to $1.73 billion.
Parks, Experiences and Products revenues for the quarter decreased 53% year over year to $3.59 billion, and segment operating income decreased $2.6 billion to a loss of $119 million. Lower operating income for the quarter was due to decreases at both the domestic and international parks.
Direct-to-Consumer revenues for the quarter increased 73% to $3.50 billion and segment operating loss decreased 58% to $466 million. The decrease in operating loss was due to improved results at Hulu, and to a lesser extent, at Disney+ and ESPN+.
Disney reported that it had 94.9 million subscribers for its Disney+ streaming service. ESPN+ had a total of 12.1 million subscribers and Hulu subscribers totaled 39.4 million. The average monthly revenue per paid subscriber for Disney+ decreased from $5.56 to $4.03. For ESPN+ this increased from $4.44 to $4.48, and Hulu increased from $13.15 to $13.51.
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On the books, cash and cash equivalents totaled $17.07 billion at the end of the quarter, versus $17.91 billion at the end of the previous fiscal year.
Disney stock closed Thursday at $191.05, with a 52-week range of $79.07 to $191.25. The consensus analyst price target is $188.70. Following the announcement, the stock was up about 1% at $193.35 in the after-hours session.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
