Disney’s Bob Iger says the company has turned a corner. The stock is shooting higher
CNN
Disney reported revenues of $23.5 billion – nearly in line with revenue from the same quarter last year and missing Wall Street’s expectations for the first quarter.
Disney has had a rough couple of years after CEO Bob Iger returned from a brief retirement. But the media veteran said Disney is finally on the path toward success again. The company surprised investors by announcing it would grow earnings per share by a whopping 20% this year, easily beating Wall Street analysts’ estimates. “Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences,” Iger said in a statement. In addition to its sunny full-year forecast, Disney reported a beat on the bottom line with earnings-per-share of $1.04 for the first quarter compared to Wall Street’s estimate of $0.99, according to FactSet. However, Disney reported revenues of $23.5 billion for the quarter – nearly in line with revenue from the same quarter last year and missing Wall Street’s expectations for the first quarter. Disney’s stock shot up 7% in after-hours trading.
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