Walt Disney Co. shares rose 5% on Thursday, following the release of its quarterly results. Revenue was in line with what Wall Street analysts predicted, with the company’s highly anticipated streaming service due to launch in the coming days.
Disney reported earnings of $1.07 per share, or $1.05 billion in total, compared to the $1.55 per share, or $2.32 billion in total, the company reported for the same quarter last year. Disney saw its revenue rise 34% to total $19.1 billion, up from the $14.3 billion reported in the previous year.
The company’s media networks reported revenue of $6.5 billion, a 22% increase on last year’s $5.3 billion. Parks and resorts saw an 8% increase in revenue to reach $6.65 billion, compared to last year’s $6.14 billion.
The studio entertainment department achieved strong box office performance and reported a massive 52% increase in revenue to total $3.3 billion, compared to last year’s $2.2 billion.
Disney performed better than anticipated, with a FactSet poll of analysts predicting the company to report fourth-quarter sales of $19.2 billion and earnings of 94 cents per share.
Next week will see the launch of Disney+, the monthly subscription streaming service that will feature content from Star Wars, Pixar, Marvel, and a host of Disney-owned entertainment products.
Disney+ content will also be distributed through Amazon’s Fire TV, Samsung smart TVs, and LG smart TVs.