The Walt Disney Co (NYSE:DIS) is trading higher Thursday morning after the company announced better-than-expected fiscal first-quarter financial results.
Disney said quarterly revenue increased 24% year-over-year to $21.82 billion, which beat the estimate of $18.63 billion. The company reported quarterly adjusted earnings of $1.06 per share, which beat the 61 cent estimate.
Media and entertainment revenue totaled $14.6 billion, representing a 15% increase year-over-year. Parks, experiences and products revenue totaled $7.2 billion in the quarter, up more than 100% year-over-year.
"This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years," said Bob Chapek, CEO of Disney.
Disney ended the quarter with 196.4 million subscribers across its streaming platforms. Disney+ totaled 129.8 million subscribers, up 37% year-over-year. ESPN+ totaled 21.3 million subscribers, up 76% year-over-year. Hulu had 45.3 million subscribers, up 15% year-over-year.
Following the company's earnings results, JP Morgan analyst Philip Cusick maintained Disney with an Overweight rating and lowered the price target from $220 to $200.
DIS Price Action: Disney has traded as low as $129.26 and as high as $203.02 over a 52-week period.
The stock was up 5.96% at $156 at time of publication.
Photo: StockSnap from Pixabay.
