Disney (NYSE:DIS) stock is getting a boost on Thursday after the entertainment company released its earnings report for its fiscal first quarter of 2024.
Disney reported adjusted earnings per share of $1.22 and revenue of $23.5 billion for the quarter. That EPS beat out Wall Street’s estimate of 99 cents per share while revenue came in slightly below analysts’ estimate of $23.8 billion.
To go along with this, Disney also updated its guidance for the full year of 2024. The company now expects adjusted EPS for the year to come in at $4.60 per share. That’s looking good next to Wall Street’s 2024 adjusted EPS estimate of $4.28 per share.
Disney CEO Bob Iger said the following in the earnings report:
“Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences.”
DIS Stock Analyst Upgrade
Following this positive earnings report, Needham weighed in on Disney stock. Analysts upgraded DIS stock from a “hold” rating to a “buy” rating while also saying “The Magic’s Back.”
DIS stock is up 8.5% as of Thursday morning with some 7 million shares on the move. The company’s daily average trading volume is still above that at about 13 million units.
Investors looking for even more of the most recent stock market stories are going to want to stick around!
We have all of the hottest stock market news that traders need to know about on Thursday! Among that is what’s happening with shares of Spirit Airlines (NYSE:SAVE), Tenax Therapeutics (NASDAQ:TENX) and Jin Medical International (NASDAQ:ZJYL) stock this morning. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
