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The Walt Disney Company (NYSE: DIS) reported its fourth quarter and full fiscal year 2023 results ending September 30, 2023, after the market close in the US on Wednesday.
World’s third largest entertainment company reported revenue of $21.241 billion for the quarter (up by 5% year-over-year), narrowly missing analyst estimate of $21.369 billion.
Revenue for the full year reached $88.898 billion, an increase of 7% from the previous year.
Earnings per share reported at $0.82 per share, above analyst estimate of $0.71 per share.
EPS for the full year reached $3.76 per share.
Disney+ added 7 million core subscribers during the previous quarter.
“Our results this quarter reflect the significant progress we’ve made over the past year,” Robert A. Iger, CEO of Disney commented on the latest results.
“While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again. We have a solid foundation of creative excellence and innovation built over the past century, which has only been reinforced by the important restructuring and cost efficiency work we’ve done this year, and we’re on track to achieve roughly $7.5 billion in cost reductions. Combined with our portfolio of valuable businesses, brands and assets – and the way we manage them together – Disney has a strong hand that differentiates us from others in our industry.”
“As we look forward, there are four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business, building ESPN into the preeminent digital sports platform, improving the output and economics of our film studios, and turbocharging growth in our parks and experiences business. We have already made considerable advancements in these four areas and will continue to move forward with a sense of purpose and urgency, and I’m bullish about the opportunities we have before us to create lasting growth and increase shareholder value,” Iger concluded.
The latest results had a positive impact on the stock in the after-hours trading. Shares were up by around 3%.The stock is down by 2.59% in the past year at $84.50 per share.
Walt Disney is the 68th largest company in the world with a market cap of $154.61 billion, according to CompaniesMarketCap.
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Sources: The Walt Disney Company, TradingView, MarketWatch, CompaniesMarketCap, Wikipedia, Benzinga
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