再好的电视剧10年不换主角也难言吸引力。更何况，迪士尼还要靠88岁的白雪公主撑场面。 迪士尼2025第一季度财报显示，其营收246.9亿美元，同比增长5%；归母净利25.54亿美元，同比增长34%。最大增长亮点当属其电 影IP全面爆发。凭借多部IP续作，迪士尼终于重夺全球票房霸主地位。比如，《海洋奇缘2》成为迪士尼第四部跻身"动画电影十亿 美元俱乐部"的作品。 但迪士尼的亚太市场收入同比锐减17%，仅贡献19.53亿美元。细分业务中，娱乐与体育收入分别暴跌26%和81%，仅体验板块微增 9%。 值得一提的是，迪士尼流媒体业务Disney+订阅用户数虽环比下降1%至1.25亿。尽管迪士尼+在2024年5月实现"意外提振"，但流媒 体业务前期投入巨大且竞争惨烈。迪士尼为"削减成本并使流媒体业务盈利"，不得不大规模裁员。 百年迪士尼的魔法失灵了？ 情况似乎不太妙。近日，外媒报道称，美国华特迪士尼公司（下称，迪士尼）启动了新一轮裁员，电影、电视和企业财务部门成为 了此次裁员的重灾区，包括影视营销、电视宣传、选角以及开发团队和公司财务在内的全球多地员工将离开岗位。据知情人士透 露，此次裁员规模达数百人。 这是迪士尼两年 ...

Core Viewpoint - Disney's Q2 performance exceeded expectations, driven by strong results in theme parks and streaming services, leading to an upward revision of the full-year profit forecast [1][5]. Group 1: Financial Performance - Disney reported Q2 revenue of $23.62 billion, surpassing the expected $23.05 billion, with a year-over-year growth of 7% [1]. - Adjusted earnings per share (EPS) for Q2 were $1.45, exceeding the forecast of $1.20, and reflecting a significant year-over-year increase of 20% [1]. - The company raised its full-year adjusted EPS forecast to a growth of 16% to $5.75, above the market expectation of $5.44, and projected operating cash flow of $17 billion, higher than the previous estimate of $15 billion [1]. Group 2: Business Segments Performance - The theme park segment showed strong performance, with revenue growth of 9% to $2.49 billion, primarily driven by increased visitors in California and Florida parks [3]. - The direct-to-consumer (DTC) streaming segment, including Disney+ and Hulu, achieved profitability for the fourth consecutive quarter, with profits reaching $336 million, significantly up from $47 million in the previous year [3]. - Disney+ added 1.4 million subscribers in the quarter, exceeding analyst expectations of a 1.25 million subscriber loss, despite a previous decline of 700,000 subscribers due to price increases [4]. Group 3: Future Outlook - Disney's CEO expressed confidence in the company's future, despite facing challenges such as tariff pressures from potential 100% tariffs on foreign-made films [5][7]. - The company is actively repurchasing shares, having bought back $1.8 billion worth of stock this fiscal year, and expects park revenue to grow by 6% to 8% in fiscal year 2025 [6]. - Disney aims to generate $1 billion from streaming services this year and continues to focus on enhancing the profitability of its online platforms [6].

Core Viewpoint - Disney's Q2 FY2025 earnings exceeded Wall Street expectations, leading to an upward revision of its annual outlook due to strong performance in its theme parks and streaming services [1] Financial Performance - Excluding certain items, Disney's Q2 FY2025 earnings per share (EPS) grew by 20% year-over-year to $1.45, surpassing the analyst consensus of $1.20 [2] - Total revenue for the quarter reached $23.6 billion, reflecting a 7% year-over-year increase, also above analyst expectations [2] Business Segments - The Disney Experience segment, which includes theme parks and cruises, benefited from increased visitor numbers in California and Florida, as well as significant holiday package sales [2] - The direct-to-consumer segment, including Disney+ and Hulu, achieved profitability for the fourth consecutive quarter, aided by recent price increases [2][3] - The film division saw strong revenue contributions from "Moana 2" and "The Lion King: Mufasa," which helped offset weaker box office performance from "Captain America: Brave New World" and "Snow White" [2] Future Outlook - Disney's management anticipates a slight increase in Disney+ subscription numbers for Q3 [2] - The company expects its streaming video business to contribute $1 billion in profit this year [3] - ESPN's operating profit is projected to grow by 18% for the full fiscal year, despite rising production costs [3] Shareholder Returns - Disney has repurchased $1.8 billion worth of stock so far this fiscal year [4] - Analysts believe that Disney+ and Hulu are well-positioned to withstand the challenges posed by the current global tariff situation [4]