From CNBC:

The Walt Disney Company reported better-than-expected fiscal first-quarter earnings. The company is on track to exceed its $7.5 billion cost-cutting goal by 2024. It predicts 2024 earnings per share of about $4.60. Disney also announced a $1.5 billion stake in Fortnite studio Epic Games and the launch of its ESPN streaming service in fall 2025, leading to a 7% rise in shares. Earnings per share were $1.22 and revenue was $23.55 billion. Net income rose to $1.91 billion, and revenue was flat at $23.55 billion. Disney’s direct-to-consumer unit reported a $138 million operating loss.

Disney+ core subscribers decreased by 1.3 million due to price increases but average revenue per user rose. The company attributes the improvements to its streaming business from a day after it announced a new sports streaming venture among ESPN, Fox, and Warner Bros. Disney’s earning results follow battles with activist investors concerning board shake-ups and their stock plunge. The company is moving toward production of fresh films and a new financial reporting structure, dividing the company into entertainment, sports, and experiences. Revenue fell in the entertainment sector but rose in direct-to-consumer and ESPN, while the experiences division saw a 7% revenue bump.



Read more: Disney (DIS) earnings report Q1 2024