Published: Thu, February 08, 2018
Medical | By Josefina Yates

Disney earnings beat forecasts as more customers visit theme parks

Disney earnings beat forecasts as more customers visit theme parks

He didn't say how much Disney will spend on content for its streaming service, which launches in late 2019.

"The results and outlook highlight both the opportunities and risks for Disney as the market shifts to OTT [over the top] distribution".

Disney shares rose roughly 1.5% in after-hours trading. He told CNBC that it will have "an array of live programming that is not available - live sports, live sports events - that is not available on current channels, and that's by the thousands". Analysts were expecting a 1% rise in overall revenue.

Amid talk of Lucasfilm's far-away galaxy, though, CEO Bob Iger addressed the company's proposed merger with 20th Century Fox, and why he still feels "enthusiastic" about the landmark deal, one which will eventually see the X-Men join forces with Marvel's cinematic heroes, despite interest from Comcast. With so many big-name studios under its belt, Iger said Disney is in an ideal position to spend less on quantity and worry more about branding.

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The final nails of the terrestrial television coffin are slowly being hammered in as the major networks and sporting leagues drag their feet to offer more affordable live streaming options.

"We are developing not just one, but a few Star Wars series specifically for the Disney direct-to-consumer app", Iger said. Disney attributed the drop to lower advertising revenue, higher production cost write-downs and a decline in program sales income.

For the fourth quarter, the theme-park division posted almost $1.5 billion in revenue, up about 9 percent from the fourth quarter in 2016.

"The strategic investments we've made have driven meaningful growth over the long term, and we remain confident in our ability to continue to deliver significant shareholder value", said Disney Chairman and CEO, Robert A. Iger. It will enable access to live streams of all ESPN's networks providing consumers or subscribers to multi-channel packages. That compares with net income of $2.5 billion ($1.55) in the same period a year earlier. The division's profit slid 1 percent to $858 million. The segment's theatrical business had a solid quarter due to the strong performances of Star Wars: The Last Jedi, Thor: Ragnarok, and Coco, and these three films collectively generated over $4.4 billion in the global box office.

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