© Reuters
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:) shares gained 2% in after-hours trade following the report.
The company 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…
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