The BFG and Finding Dory boost Walt Disney results
Walt Disney’s second quarter was boosted by the BFG, Jungle Book and Finding Dory.
The figures
Revenue for the three months to 2 July came in at $14.3bn (£11bn), up nine per cent year-on-year, and slightly ahead of Wall Street expectations.
Diluted earnings per share, meanwhile, were up 10 per cent to $1.59, and net income increased five per cent to $2.6bn.
Read more: Shareholders fault Disney despite Star Wars boost
Disney’s studio entertainment business reported the biggest year-on-year improvement. Revenue was up 40 per cent to $2.8bn, while operating income increased 62 per cent to $766m.
Its biggest business, media networks, saw turnover increase by two per cent to $5.9bn, while operating income was flat at $2.4bn.
Walt Disney’s share price fell by more than one per cent to $95.28 in after-hours trading on Tuesday night.
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Why it's interesting
The company said its studio entertainment business was boosted in terms of revenue and operating income by the release of Captain America: Civil War, The Jungle Book, Finding Dory and Alice Through the Looking Glass.
Walt Disney also noted that the BFG was released at the end of the quarter, but said performance was slightly offset by marketing costs in relation to this title.
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These five films outperformed the same period in 2015, when just four “significant titles” were released: Avengers: Age of Ultron, Cinderella, Inside Out and Tomorrowland.
What the company said
“Disney delivered another quarter of double-digit EPS growth, and we are thrilled with our continued performance,” said Robert A Iger, chairman and chief executive of Walt Disney.
“Our results are evidence that our asset mix is strong, as is our ability to execute in ways that enhance the Disney brand and create value for our shareholders while we invest for future growth.”