Disney beats earnings forecasts thanks to theme parks and TV
WALT Disney said last night that its quarterly earnings have risen 21 per cent, as the company posted growth at its media networks such as ESPN and at its theme park business.
Disney reported net income of $1.1bn (£681m) for the fiscal second quarter, beating expectations.
Revenue rose six per cent to $9.63bn, with a nine per cent jump in media networks turnover offsetting a 12 per cent drop in studio entertainment – mainly due to box office flop John Carter, which cost a whopping $250m to make.
The firm is hopeful of a turnaround in the next quarter, however, after the new Avengers film took $207m in its opening weekend, smashing box office records.
Revenues at the firm’s theme parks rose 10 per cent to $2.9bn and earnings jumped 53 per cent to $222m, though both revenues and profits fell at Disneyland Paris due to lower attendance and higher costs.
Disney shares rose 1.7 per cent to $45.10 in after-hours trading following the results.