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By Yasin Ebrahim
Investing.com – Walt Disney reported Wednesday fiscal fourth-quarter earnings that topped Wall Street estimates, as its direct to consumer business including Disney+ raked in more subscribers and slashed losses.
Walt Disney Company (NYSE:DIS) shares gained 2% in after-hours trade following the report.
The company reported adjusted EPS of $0.82 on revenue of $21.24 billion. Analysts polled by Investing.com anticipated EPS of $0.71 on revenue of $21.37B.
Direct-to-consumer, which includes Disney+, Disney+ Hotstar, Hulu and ESPN+ streaming services, narrowed operating losses by more than half to $420M in Q4 from $1.41B a year earlier.
Disney+, its streaming business, reported about 7M new core Disney+ subscribers for the quarter, taking its total subscribers to 150.2M, with domestic average monthly revenue rising to $7.50 per subscriber from $7.31, driven by higher advertising revenue.
ESPN reported a 16% rise in profit in Q4 from a year earlier, driven by a rise in revenue and lower costs.
“We continue to expect that our combined streaming businesses will reach profitability in Q4 of FY24, although progress may not look linear from quarter to quarter,” the company said.
Disney’s parks, experiences and products business revenue rose 13% to $8.16B in Q4 from the same period last year.
Source: Investing.com
