The Walt Disney Company reported fiscal second-quarter earnings that beat analysts’ expectations on Tuesday.
Here’s how the company did compared with what Wall Street expected:
- Adjusted earnings: $1.84 per share vs. $1.70 per share forecast by Thomson Reuters
- Revenue: $14.55 billion vs. $14.11 billion forecast by Thomson Reuters
Shares of Disney gained more than 1 percent in after-hours trade.
Here’s what each business unit reported in revenue compared with what analysts expected, according to StreetAccount consensus estimates:
- Media and networks: $6.14 billion vs. $6.09 billion expected
- Parks and resorts: $4.88 billion vs. $4.69 billion expected
- Studio: $2.45 billion vs. $2.19 billion expected
- Consumer and interactive: $1.08 billion vs. $1.14 billion expected
Disney’s earnings report comes after its blockbuster deal to acquire many parts of Twenty-First Century Fox. The boards of both companies asked longtime CEO Bob Iger to stay on through the end of 2021.
If completed, Disney would get Fox’s television and film studios, regional sports networks, cable channels National Geographic and FX. The entertainment giant would also grow its international presence through Asian pay-TV operator Star India and a stake in Sky TV. It would also get Fox’s stake in Hulu. That plus its existing position would give Disney a controlling stake in the streaming service.
On Monday, CNBC reported that Comcast plans to make an all-cash bid for Fox if the Justice Department approves AT&T’s acquisition of Time Warner. Comcast’s offer would top Disney’s and include a full acquisition of Sky, sources said.
CNBC previously reported that fear of being outspent on content content was one of the main reasons Rupert Murdoch decided to sell those Fox assets. Tech giants like Netflix and Amazon have poured money into their streaming services, making the content bidding wars increasingly competitive.
Disney’s proposed acquisition of Fox assets would broaden the company’s content portfolio, making it more competitive.
Fox is slated to report earnings after the market close on Wednesday.
Shares of Disney have fallen about 6 percent so far this year.
This is breaking news. Please check back for updates.
Programming note: Disney Chairman and CEO Bob Iger is scheduled to appear on CNBC’s “Closing Bell.”
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Comcast is a also a co-owner of Hulu.