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Disney Streaming Posts First Profit, EPS $1.21; Revenue $22.08B, Subscribers at 153.6M
May 7, 2024, 10:36 AM
Walt Disney Co. reported better-than-expected quarterly results, with its streaming entertainment unit, primarily driven by Disney+, achieving its first profitable quarter, two quarters ahead of schedule. The company's adjusted earnings per share were $1.21, surpassing the estimated $1.12, while revenue stood at $22.08 billion, slightly below the forecast of $22.1 billion. Disney+ core subscribers topped 117 million, reaching a total of 153.6 million, although estimates were slightly higher at 155.66 million. The entertainment revenue was $9.80 billion against expectations of $10.31 billion. Additionally, Hulu's total subscribers increased to 50.2 million, exceeding forecasts. Disney has raised its annual earnings forecast, anticipating a 25% growth in adjusted EPS.
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