Follow Invezz on Telegram , Twitter , and Google News for instant updates >The Walt Disney Company today reported some very disenchanting numbers in its second quarter 2024 financial results on May 7th, compared with the previous quarter and also the previous year. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Where the business did see profits, they were grown heavily by the company’s theme parks and other ‘Experiences’ businesses, in the face of d ...

Revenue and Financial Performance - Revenues for the quarter increased to $22.1 billion from $21.8 billion in the prior-year quarter, a 1% increase[2] - Revenues for the quarter ended March 30, 2024, increased to $22.1 billion from $21.8 billion in the prior-year quarter[57] - Net income attributable to The Walt Disney Company decreased to a loss of $20 million from a profit of $1.3 billion in the prior-year quarter[57] - Net income for the six months ended March 30, 2024, was $2.367 billion, compared to $2.849 billion in the same period last year[62] - Pre-tax income for the six months ended March 30, 2024, was $3,528 million, a 9% decrease compared to $3,896 million in the prior year[79] - Excluding certain items, pre-tax income for the six months ended March 30, 2024, was $6,465 million, a 28% increase compared to $5,147 million in the prior year[79] - Total segment operating income for the six months ended March 30, 2024, was $7,721 million, a 22% increase compared to $6,328 million in the prior year[82] Earnings Per Share (EPS) - Diluted EPS excluding certain items increased to $1.21 from $0.93 in the prior-year quarter, a 30% increase[2][7] - Diluted EPS excluding certain items for the quarter ended March 30, 2024, was $1.21, a 30% increase compared to the prior year period[76] - The new full year adjusted EPS growth target is now 25% due to outperformance in the second quarter[3] Streaming and Subscriber Metrics - Disney+ Core subscribers increased by more than 6 million in the second quarter, and Disney+ Core ARPU increased sequentially by 44 cents[3] - Disney+ Domestic (U.S. and Canada) paid subscribers increased by 17% to 54.0 million, while International (excluding Disney+ Hotstar) subscribers decreased by 2% to 63.6 million[22] - Disney+ Core average monthly revenue per paid subscriber increased by 6% to $7.28, driven by higher retail pricing and a lower mix of promotional subscribers[22][23] - Hulu SVOD Only average monthly revenue per paid subscriber decreased by 4% to $11.84 due to lower advertising revenue, partially offset by higher retail pricing[22][23] - ESPN+ average monthly revenue per paid subscriber increased by 3% to $6.30, driven by higher retail pricing and advertising revenue[32] - DTC streaming businesses revenue increased by 12% to $6.188 billion, with operating loss improving by 97% to $18 million, reflecting cost efficiencies and revenue growth[38] - DTC streaming businesses operating loss for the six months ended March 30, 2024, was $234 million, a significant improvement compared to a loss of $1,712 million in the prior year[89] - Disney+ is available in over 150 countries and territories outside the U.S. and Canada[64] - In Latin America, subscribers to either Disney+ or Star+ standalone services or Combo+ are counted as one Disney+ paid subscriber[65] - International Disney+ (excluding Disney+ Hotstar) includes the Disney+ service outside the U.S. and Canada and the Star+ service in Latin America[66] Experiences and Parks - The Experiences business revenue grew by 10%, segment operating income grew by 12%, and margin expanded by 60 basis points versus the prior year[3] - Domestic Parks and Experiences revenue increased by 7% to $5.958 billion, with operating income up 6% to $1.607 billion, driven by higher guest spending and ticket prices[33][34] - International Parks and Experiences revenue surged by 29% to $1.522 billion, with operating income up 87% to $292 million, benefiting from higher attendance and guest spending[33][35] - The company expects robust operating income growth at Experiences for the full year, despite a roughly comparable third quarter[3] - Investments in parks, resorts, and other property totaled $2.558 billion for the six months ended March 30, 2024[62] Sports and ESPN - Sports operating income declined slightly versus the prior year, reflecting the timing impact of College Football Playoff games at ESPN[3] - ESPN Domestic revenue increased by 4% to $3.866 billion, driven by higher advertising revenue and subscription growth, despite lower affiliate revenue[27][28] Cash Flow and Capital Allocation - The company expects to generate approximately $14 billion of cash provided by operations and over $8 billion of free cash flow this fiscal year[3] - Cash provided by operations increased by $3.6 billion to $5.9 billion, driven by lower film and television production spending and timing of sports rights payments[51] - Free cash flow improved significantly to $3.3 billion from a negative $168 million in the prior-year period[50] - Cash provided by operations for the six months ended March 30, 2024, was $5,851 million, a significant increase compared to $2,262 million in the prior year[84] - Free cash flow for the six months ended March 30, 2024, was $3,293 million, compared to a negative $168 million in the prior year[86] - Estimated free cash flow for full year fiscal 2024 is projected to be $8 billion, with cash provided by operations estimated at $14 billion[87] - The company repurchased $1 billion worth of shares in the second quarter[3] - The company repurchased $1.001 billion of common stock during the six months ended March 30, 2024[62] - Capital expenditures increased to $2.6 billion from $2.4 billion, primarily due to higher spend on new attractions and cruise ship fleet expansion[53] - Cash used in financing activities for the six months ended March 30, 2024, was $10,824 million, compared to $1,126 million in the prior year[84] Restructuring and Impairment Charges - Restructuring and impairment charges totaled $2.052 billion, primarily related to goodwill impairments for Star India and entertainment linear networks[40][42] - Restructuring and impairment charges for the quarter ended March 30, 2024, included goodwill impairments of $2.038 billion[76] - Restructuring and impairment charges for the six months ended March 30, 2024, were $2,052 million, compared to $221 million in the prior year[82] Corporate and Other Expenses - Corporate and unallocated shared expenses increased by $112 million to $391 million, primarily due to higher proxy solicitation costs and compensation expenses[39] - Equity in the income of investees decreased by 18% to $141 million from $173 million, primarily due to lower income from A+E[45] - The effective income tax rate increased to 67.1% from 29.9%, driven by goodwill impairments that are not tax deductible[46] - Net income attributable to noncontrolling interests increased by 9% to $236 million, mainly due to improved results at Hong Kong Disneyland Resort[48] - Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs totaled $434 million for the quarter ended March 30, 2024[76] - Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs for the six months ended March 30, 2024, was $885 million, a 22% decrease compared to $1,137 million in the prior year[82] Assets and Liabilities - Total assets decreased to $195.1 billion from $205.6 billion, primarily due to reductions in cash and cash equivalents and goodwill[59] - Total current liabilities increased to $32.9 billion from $31.1 billion, driven by higher accounts payable and accrued liabilities[59] Forward-Looking Statements and Risks - Forward-looking statements include financial performance, earnings expectations, and future operating income, adjusted EPS, free cash flow, and capital allocation plans[91] - The company's future performance may be impacted by domestic and global economic conditions, competitive pressures, and consumer preferences[91] - Factors such as health concerns, international developments, regulatory changes, and technological advancements could affect the company's operations and profitability[91] - The company's ability to create or obtain desirable content at or under the assigned value is a key factor in future performance[91] - The advertising market for programming and income tax expense are also significant considerations for the company's future outlook[91] - The company's Annual Report on Form 10-K for the year ended September 30, 2023, provides additional details on risk factors and financial condition[91] Investor Relations and Communications - The Walt Disney Company will host a conference call on May 7, 2024, at 8:30 AM EDT/5:30 AM PDT, accessible via live webcast[92] - The earnings presentation and webcast replay will be available on the company's investor relations website[92] - Contact information for corporate communications and investor relations is provided for further inquiries[93]

Disney topped Wall Street forecasts for its fiscal second quarter and inched closer to the long-awaited milestone of streaming profitability. Revenue for the quarter ended March 30 increased to $22.1 billion from $21.8 billion in the year-earlier period. Excluding items, diluted earnings per share for the quarter increased to $1.21 from 93 cents. Analysts had been expecting revenue of $20.53 billion and earnings per share of $1.02. The entertainment direct-to-consumer operation finished the quarter in the ...

The "Partners" statue of Walt Disney and Mickey Mouse, at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida, photographed Saturday, June 3, 2023.Disney reports its fiscal second-quarter earnings before the bell Tuesday, and analysts will be paying attention to the company's streaming subscriber growth and outlook, as well as visitation numbers at its theme parks.It's been more than a year since CEO Bob Iger announced a reorganization that saw a rejiggering of the com ...

Analyst Estimates for Q2 2024Q1 2024Q2 2023Revenue$22.08 billion$23.55 billion$21.82 billionDiluted Earnings Per Share$1.09$1.2293 centsNet Income$1.96 billion$2.26 billion$1.7 billion Key Metric: Streaming Subscriber Numbers Disney+ and Hulu subscriptions are expected to grow in the second quarter with early contributions from the company bundling its streaming offerings, Disney+, Hulu, and ESPN+. Analysts project that Disney+ Core and Hulu subscribers will grow to 117.2 million and 50 million, respecti ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Down 40% in three years, would you believe that Disney stock is still not cheap?It's been a long three years for Walt Disney (DIS 2.69%) shareholders.As recently as 2021, with COVID-19 raging and much of America stuck working and studying from home, Disney stock hit an all-time high near $190 a share as investors saw demand skyrocket for the company's new Disney+ streaming service. A series of movie flops, culture war kerfuffle, and the stubborn unprofitability of direct-to-consumer streaming, however, soon ...

Tomorrow, Tuesday 7th, of May, the Walt Disney Company (DIS) will report their second quarter earnings for 2024.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Of special interest to shareholders will be the company’s ‘Experiences’ business (including its theme parks worldwide). In a recent interview with The Hollywood Reporter, the Walt Disney Company’s ‘chairman of experiences’ Josh D’Amaro revealed that the company intends to invest an eye-watering ...

In recent years, Disney (NASDAQ: DIS) stock has struggled, experiencing a significant decline and dropping below the $80 mark, the lowest level in almost a decade. However, things have taken a turn in 2024. The last two financial quarters have delivered impressive results, allowing DIS shares to regain some lost ground. This positive trend has instilled confidence among analysts, who are optimistic about the upcoming quarterly report, which will be released on May 7.Despite setbacks, DIS stock has recently ...

The Walt Disney Company (DIS) is set to report second-quarter fiscal 2024 results on May 7.As the media landscape shifts from traditional linear TV to streaming, Disney finds itself in an enviable position. With two robust U.S. streaming services, Disney+ and Hulu, complemented by ESPN+, the entertainment giant is well-equipped to navigate this transition seamlessly.One of Disney's key advantages is its bundling strategy, which combines these streaming services into a compelling package. This approach is no ...