Disney (NYSE:DIS) reported its latest quarterly earnings results after hours today, bringing in earnings and revenue that were stronger than what analysts called for, lifting DIS stock.
The Burbank, Calif.-based entertainment business brought in adjusted earnings of $1.61 per share when excluding certain items, topping the $1.58 per share that the Wall Street consensus estimate called for, according to the Refinitiv survey of analysts. During the period, the company completed its $71 billion acquisition of Fox’s entertainment assets, which brings in popular Fox shows like The Simpsons as part of its plan to improve its direct-to-consumer offerings.
Disney added that its revenue for the period tallied up to $14.92 billion, which was stronger than the $14.36 billion that Wall Street projected, according to Refinitiv. The company booked roughly $373 million in revenue, as well as $25 million in operating income from 11 days’ ownership of 21st Century Fox, which Disney acquired on March 20.
The company’s direct-to-consumer segment surged roughly 15% year-over-year, coming in at $955 million. Disney also recorded at a one-time gain of $4.9 billion from the revaluation of the company’s original 30% stake in Hulu, which was seen at $15 billion when it bought a 10% stake from AT&T last month.
The business’ next quarterly report will reflect the success of the company’s latest blockbuster film Avengers: Endgame, which brought in more than $2 billion in ticket sales in a week and a half.
DIS stock is up about 0.6% after hours on Wednesday following the company’s quarterly earnings results. Shares had been gaining 1.2% during regular trading hours.