Disney earnings (NYSE:DIS) came in ahead of the mark late in the day Tuesday, helping to lift DIS stock after the bell.
The entertainment company said it brought in adjusted earnings of $1.84 per share for its first quarter of its fiscal 2019. The figure was 29 cents per share higher than the $1.55 per share that the Wall Street consensus estimate was calling for, according to Refinitiv.
Disney also said that it brought in revenue of $15.30 billion for its first quarter, ahead of the $15.14 billion that Refinitiv projected. CEO Bob Iger added that the company’s sports streaming service ESPN+ has now increased its subscriber base to more than 2 million paying subscribers, adding that direct-to-consumer remains the company’s “number one priority.”
The company added that its direct-to-consumer and international segment raked in revenue of $918 million, while the company brought in an operating loss of $136 million for its first quarter. This is due to higher costs linked to ESPN+ and the upcoming release of Disney+.
Disney’s media networks business saw its revenue surge 7% compared to the year-ago quarter to $5.92 billion. The company added that its parks business gained 5% compared to the year-ago period to $6.82 billion.
DIS stock is surging about 0.8% after hours on Tuesday following the company’s strong quarterly earnings showing, while shares had been increasing close to 0.8% as well during regular trading hours in anticipation of Disney’s results.