Disney’s (US:DIS) revenues for its second quarter ending March 2019 edged up 3 per cent to $14.9bn (£11.45bn), with adjusted earnings per share down 13 per cent to $1.61 – a slight beat on consensus estimates.
By segment, media networks offered up a rather lacklustre performance – with revenues flat at $5.5bn, and operating income down 3 per cent. Elsewhere, studio entertainment took a 15 per cent sales dive to $2.1bn and a more dramatic 39 per cent earnings whack. Here, Disney noted that there had been a “decrease in theatrical and home entertainment distribution results” – with the comparative period bolstered by the success of the films Black Panther and Star Wars: The Last Jedi.
More positively, parks, experiences and products saw revenues grow 5 per cent to $6.2bn, with operating income up 15 per cent – buoyed by factors including growth at domestic theme parks and resorts. Meanwhile, Twenty-First Century Fox – which Disney acquired for around $71bn on 20 March 2019 – contributed a sizeable $373m in revenues and $25m in operating income over the course of just 11 days.
