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.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
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.
[nativounit]
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.
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
